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The report "Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj" by Thomas Piketty and colleagues highlights several important aspects of inequality in India. By 2022-23, the top 1% of the population controlled 22.6% of the national income and 40.1% of the nation's wealth, marking historically unprecedented levels.
The standard of living in India varies from state to state. In 2021, extreme poverty was reduced to 0.8% [1] and India is no longer the nation with the largest population living in poverty. [2] There is significant income inequality within India, as it is simultaneously home to some of the world's richest people. [3]
High income 48.9 2023 49.60 2022 Peru: South America: Upper middle income 40.3 2022 40.25 2021 Philippines: South-eastern Asia: Lower middle income 40.7 2021 40.68 2021 Palau: Micronesia: High income 43.00 2014 Papua New Guinea: Melanesia: Lower middle income 41.9 2009 41.85 2010 Poland: Eastern Europe: High income 28.5 2021 28.56
But the authors of the World Inequality Lab study reached this conclusion by tracking how much of India’s total income, as well as wealth, is held by the country’s top 1%.
Income inequality in India has been a major concern, especially since 2016. The top 10% of the population holds 77% of the total national wealth, with the richest 1% acquiring 73% of the wealth generated in 2017, while the poorest half of the population, about 670 million people, saw only a 1% increase in their wealth. [90]
[38] [39] More recently, the so-called "Rajan hypothesis" [40] posited that income inequality was at the basis of the explosion of the 2008 financial crisis. [41] The reason is that rising inequality caused people on low and middle incomes, particularly in the US, to increase their debt to keep up their consumption levels with that of richer ...
The concept of inequality is distinct from that of poverty [5] and fairness. Income inequality metrics (or income distribution metrics) are used by social scientists to measure the distribution of income, and economic inequality among the participants in a particular economy, such as that of a specific country or of the world in general.
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