India 'poor and very unequal country', bottom 50% own 'almost nothing': World Inequality Report

[beijingwalker]

India 'poor and very unequal country', bottom 50% own 'almost nothing': World Inequality Report
The middle class is also relatively poor, with an average wealth of only Rs 723,930, the report said.
MONEYCONTROL NEWS

DECEMBER 07, 2021 / 05:00 PM IST

The female labour income share is equal to 18%, lower than the average in Asia, the report said (Representative image)


India has emerged as a poor and "very unequal" country, according to the latest report released by the World Inequality Lab. The bottom half of the Indian population owns "almost nothing" of the national wealth, claimed the report authored by senior economists including France's Thomas Piketty.

In 2021, the top one percent of the country's population earned more than one-fifth of the 'total national income', it said, while noting that the bottom half's share in the same was only 13 percent.


"The average national income of the Indian adult population is 7,400 Euro or Rs 204,200. While the bottom 50 percent earns
2,000 Euro or Rs 53,610, the top 10 percent earns more than 20 times more (42 500 Euro or Rs 1,166,520)," the report said.

While the top 10 percent and top 1 percent of the population hold 57 percent and 22 percent of total national income, respectively, the bottom half's "share has gone down to 13 percent", it said, further adding, "India stands out as a poor and very unequal country, with an affluent elite."

Wealth inequality

The average household wealth in India is equal to 35,000 Euro or Rs 983,010, as per the data shared by the World Inequality Lab. "The bottom 50 percent own almost nothing, with an average wealth of 4,200 Euro or Rs 66,280)," the report said.

The middle class is also relatively poor, with an average wealth of only 26,400 Euro or Rs 723,930, it said. This constitutes 29.5 percent of the total wealth.

The top 10 percent of the population owns over 231,300 Euros or Rs 6,354,070 (33 percent of the total wealth) and the top one percent owns a massive 6.1 million Euros or Rs 32,449,360 (65 percent of total wealth), the report claimed.

Gender and carbon inequality

"Gender inequalities in India are very high," the World Inequality Lab said, claiming that the female labour income share is equal to 18 percent. This is significantly lower than the average in Asia, which is 21 percent (excluding China), and is only marginally higher than the Middle East where the female share in labour income is 15 percent.

In terms of carbon emission, a person in the bottom 50 percent of the population in India is responsible for, on average, "five times fewer emissions" than the average person in the bottom 50 percent in Europe and 10 times fewer than the average person in the bottom 50 percent in the US, the report said.

"India is a low carbon emitter: the average per capita consumption of greenhouse gas is equal to just over 2 tCO2e. These levels are typically comparable with carbon footprints in sub-Saharan African countries. The bottom 50 percent, middle 40 percent and top 10 percent respectively consume 1, 2, and 9 tCO2e/capita," it noted.

India 'poor and very unequal country', bottom 50% own 'almost nothing'

The female labour income share is equal to 18%, lower than the average in Asia...

m.dailyhunt.in

 

[beijingwalker]

India is among the most unequal countries, says World Inequality Report
In 2021, the top 1% of India’s population earned 21.7% of the total national income, while the bottom 50% made just 13.1%.
Scroll Staff
Yesterday · 05:54 pmUpdated Yesterday · 05:55 pm

The top 1% of India’s population earned more than one-fifth (21.7%) of the country’s total national income in 2021, while the bottom 50% made just 13.1% of the money, showed this year’s World Inequality Report released on Tuesday.

The top 10% of the population owned as much as 57% of the country’s national income in 2021, according to the report.

The report authored by Lucas Chancel, co-director of the World Inequality Lab, and coordinated by several experts, including French economist Thomas Piketty, said: “India stands out as a poor and very unequal country, with an affluent elite.”

In the preface of the report, Nobel laureate economists Abhijit Banerjee and Esther Duflo said that India was “among the most unequal countries” in the world.

The report said that the average national income of the the Indian adult population in 2021 was Rs 2,04,200 on purchasing power parity basis. However, the income inequality can be understood from the fact that the bottom 50% of the population earned Rs 53,610 during the year.

Graph showing income inequality in India over the years. Source: World Inequality Report 2021

What is purchasing power parity?
According to the World Inequality Report, purchasing power parity is the standard way to deflate (or inflate) incomes earned in a given country by the cost of goods and services in that country relative to that of others.

The report added:

“For instance, housing is relatively cheap in India compared with France, but red wine is relatively less expensive in France than in India. In order properly to compare costs of living across the world, we need information about both the relative prices of goods and services (e.g. wine and housing), and the relative volume of each good and service in the consumption baskets of individuals.”

Wealth inequality in India
The inequality in India is even more stark when it came to wealth, the report said.

While the average wealth of an Indian household is worth Rs 9,83,010, the report said that the bottom 50% of the country’s population own “almost nothing”, with an average wealth of Rs 66,280.

The middle class is also relatively poor, owning 29.5% of the total wealth of the country. The wealthiest 1% population of India alone owns 33% of the country’s total wealth.

Graph showing wealth inequality in India over the years. Source: World Inequality Report 2021

Gender inequality
The report said that the India’s female labour income share of 18% in 2021 was one of the lowest in the world. The figure was significantly lower than the average in Asia, which is 21%, excluding China.

There has been an increase of more than eight percentage points since 1990 in India’s female labour income share. However, the report noted that the increase was insufficient to take the figure at par with the regional average.

Graph showing India’s female labor income share over the decades. Source: World Inequality Report 2021

The report also observed that the deregulation and liberalisation policies implemented for India’s economy since the mid-1980s has led to “one of the most extreme increases in income and wealth inequality observed in the world”.

The authors added, “While the top 1% has largely benefited from economic reforms, growth among low and middle income groups has been relatively slow and poverty persists.”

The report highlighted that the quality of inequality data released by the Indian government has “seriously deteriorated” over the past three years.

Table showing income inequality indicators in India in 2021. Source: World Inequality Report 2021

India is among the most unequal countries, says World Inequality Report

In 2021, the top 1% of India’s population earned 21.7% of the total national income, while the bottom 50% made just 13.1%.

scroll.in

 

[Stranagor]

India 'poor and very unequal country', bottom 50% own 'almost nothing': World Inequality Report
The middle class is also relatively poor, with an average wealth of only Rs 723,930, the report said.
MONEYCONTROL NEWS

DECEMBER 07, 2021 / 05:00 PM IST

The female labour income share is equal to 18%, lower than the average in Asia, the report said (Representative image)


India has emerged as a poor and "very unequal" country, according to the latest report released by the World Inequality Lab. The bottom half of the Indian population owns "almost nothing" of the national wealth, claimed the report authored by senior economists including France's Thomas Piketty.

In 2021, the top one percent of the country's population earned more than one-fifth of the 'total national income', it said, while noting that the bottom half's share in the same was only 13 percent.


"The average national income of the Indian adult population is 7,400 Euro or Rs 204,200. While the bottom 50 percent earns
2,000 Euro or Rs 53,610, the top 10 percent earns more than 20 times more (42 500 Euro or Rs 1,166,520)," the report said.

While the top 10 percent and top 1 percent of the population hold 57 percent and 22 percent of total national income, respectively, the bottom half's "share has gone down to 13 percent", it said, further adding, "India stands out as a poor and very unequal country, with an affluent elite."

Wealth inequality

The average household wealth in India is equal to 35,000 Euro or Rs 983,010, as per the data shared by the World Inequality Lab. "The bottom 50 percent own almost nothing, with an average wealth of 4,200 Euro or Rs 66,280)," the report said.

The middle class is also relatively poor, with an average wealth of only 26,400 Euro or Rs 723,930, it said. This constitutes 29.5 percent of the total wealth.

The top 10 percent of the population owns over 231,300 Euros or Rs 6,354,070 (33 percent of the total wealth) and the top one percent owns a massive 6.1 million Euros or Rs 32,449,360 (65 percent of total wealth), the report claimed.

Gender and carbon inequality

"Gender inequalities in India are very high," the World Inequality Lab said, claiming that the female labour income share is equal to 18 percent. This is significantly lower than the average in Asia, which is 21 percent (excluding China), and is only marginally higher than the Middle East where the female share in labour income is 15 percent.

In terms of carbon emission, a person in the bottom 50 percent of the population in India is responsible for, on average, "five times fewer emissions" than the average person in the bottom 50 percent in Europe and 10 times fewer than the average person in the bottom 50 percent in the US, the report said.

"India is a low carbon emitter: the average per capita consumption of greenhouse gas is equal to just over 2 tCO2e. These levels are typically comparable with carbon footprints in sub-Saharan African countries. The bottom 50 percent, middle 40 percent and top 10 percent respectively consume 1, 2, and 9 tCO2e/capita," it noted.

India grows fastest among major economies, Omicron risks seen

India's Gross domestic product expanded 8.4% in the September quarter from a year earlier, statistics ministry data showed on November 30, in line with 8.4% growth predicted in a Reuters poll and compared with a 20.1% expansion in the previous quarter.

www.moneycontrol.com

India is a paradise for corrupt officials. If I were to be corrupt, I would like to born in India into a high caste family.

 

[beijingwalker]

This is what over 70 years "democracy and freedom" brought to India.

 

[Stranagor]

This is what over 70 years "democracy and freedom" brought to India.

India feeds their hungry and malnourished with democracy and freedom. They enjoy nirvana. Wealthy Indians, however, are a sad materialist bunch.

 

[STREANH]

The income per year for the bottom 50% is very generous due to PPP calculation. It shows 2000 Euro which is around 170,000 rupees. But in reality it is barely above 50,000 rupees which is ~600 Euro.

Number Theory: How much does an average Indian earn?

The average annual per capita income of households interviewed in the LASI survey conducted in 2017-18 is ₹44,901. This is just about 39% of the per capita income in the same year according to the National Account Statistics

www.hindustantimes.com

India’s top 10% reach highest wealth level

The World Inequality Report 2022 shows that the richest in India increased their share of wealth in 2021 by a historic degree.

www.hindustantimes.com

The second article is much better than the one provided by OP.

 

[Faqirze]

"but at least we are better then pakistan and afghanistan"

 

[Pandora]

I have met some rich wealthy Indian whilst overseas. They are the most depraved bunch of people who openly try to show how they are rich and even make fun of poor.