&imwidth=800&imheight=600&format=webp&quality=medium "India's top 1 per cent grew wealth share to 62 per cent in 23 years: Report")
According to a report by the World Inequality Database, India's richest 1 percentpeople grew their ownership of the country's total wealth to 62 percent between 2000 and 2023. The report, commissioned by the South African Presidency of the G20, further said that the top 1 percent of people in the world have increased their share to 41 percent between 2000 and 2024. Thestudy, which sheds light on global inequality, said that the bottom half of the population received only 1 per cent.
The research was led by Nobel-winning economist Joseph Stiglitz. It said that global inequality has reached “emergency levels” and is jeopardizing democracy, economic stability, and climate progress.
It further said that inequalityhas narrowed in some countries due to a rise in total income. However, in large countries like India and China, inequality has risen.
Between 2000 and 2023, the richest 1 per centof people increased their total wealth in over half of all nations.
"In India, the top 1 per cent increased their share of wealth by 62 per cent during this period, compared with 54 per cent in China. In the United States, a sharp rise occurred after 1980, with the top 1 per cent expanding their share of wealth by a total of 5 per cent since then," the report reads, according to Business Standard.
The report further said that inequality can be reduced through political action and global cooperation. The report also called on G20 nations to play a role in leading the effort to reduce inequality.
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The report suggested that an International Panel on Inequality (IPI) must be created to track inequality trends worldwide. The panel must also give governments clear, reliable data to guide policies to eliminate economic inequalities.
The report also claimed that countries with high inequality are seven times more likely to face democratic decline. It said that 2.3 billion people now face food insecurity, and half of the world faces a paucity of basic health services.