Who really owns two-thirds of India's wealth? New report reveals shocking facts

India continues to witness some of the most severe wealth inequality globally, with the richest 10 per cent controlling nearly 65 per cent of total wealth, while the bottom 50 per cent owns just 6.4 per cent, as per the latest World Inequality Report released on Wednesday.

The report, compiled by economists Lucas Chancel, Ricardo Gómez-Carrera, Rowaida Moshrif, and Thomas Piketty, highlights that the top 1 per cent of Indians alone possess around 40 per cent of India's wealth. When it comes to income distribution, the report states that the top 10 per cent account for 58 per cent of the country’s total income.

India is one of the fastest-growing major economies

Meanwhile, US Representative Bill Huizenga underscored the expansion of economic and strategic dimensions of the India-US partnership. He also emphasised the need for deeper cooperation to uphold stability in the Indo-Pacific and the growing interest of American businesses, according to a report in ANI.

Bill's remark came while he was at the House Foreign Affairs South and Central Asia Subcommittee's hearing, 'The US-India Strategic Partnership: Securing a Free and Open Indo-Pacific'. Huizenga highlighted India's rapid economic growth as a key player in commercial engagement. "India is one of the fastest-growing major economies in the world... American companies are eager to enter the Indian market on a level playing field," he added.

He further added that "a new trade deal with India under President Trump and Prime Minister Modi would further realise this goal and enhance the relationship," and noted that economic engagement will be central to strengthening bilateral ties.

He also underscored the broader strategic significance of US–India cooperation, highlighting the weight of their collective economic and geopolitical power. "I look forward to hearing from our witnesses on how the world's largest economy and the soon-to-be third-largest economy can work together to counterbalance China and preserve a free and open Indo-Pacific," he said.