July 4, 2015
Thanks to the caste system, India has always been an unequal society. What is even more worrying is that inequality appears to have deepened in the past two decades
The Boston Consulting Group’s 15th annual report, “Winning the Growth Game: Global Wealth 2015”, has received extensive coverage in the Indian media. The report comes on top of the Global Wealth Databook 2014 from Credit Suisse, which provides a much more accurate and comprehensive picture of the trends in global inequality.
The Global Wealth Databook reveals some startling facts. The richest 1 per cent of Indians today own nearly half (49 per cent) of India’s personal wealth. The rest of us 99 per cent are left to share the remainder among ourselves. And that too is very unequally shared. The top 10 per cent Indians own nearly three-quarters (74 per cent) of the country’s personal wealth. The remaining 90 per cent share a meagre quarter. At the other end of the spectrum, of the world’s poorest 20 per cent people, nearly one in four are Indians. Just to show by contrast, China’s share is a mere 3 per cent.