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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]
Income ratios include the pre-tax national income share held by top 10% of the population and the ratio of the upper bound value of the ninth decile (i.e. the 10% of people with highest income) to that of the upper bound value of the first decile (the ratio of the average income of the richest 10% to the poorest 10%).
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]
India faces high unemployment, rising income inequality, and a drop in aggregate demand. [101] [102] According to the World Bank, 93% of India's population lived on less than $10 per day, and 99% lived on less than $20 per day in 2021. [103]
[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 ...
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