Statistics Reveal That As Of 2017 India’s Richest 1% Own Most Of The Country’s Wealth
India has always been a country of wonky wealth distribution.
Taking income disparity as well as lingual barriers into consideration, there is a significant shift in both wealth and facilities from rural to urban areas. However, the divide isn’t that simple either. From a lack of equal opportunity to bias rooted in everything from religion to gender, we have a long way to go before we have a population that can truly be considered on equal footing.
And this divide has become all the more obvious as we see the upper 1% of our population in possession of so much of the country’s wealth.
As of the year 2016, the richest one percent of Indians were in possession of 58% of the total wealth in the country. However, this number has increased even further in 2017, with the richest 1% with a whopping 73% of the total wealth.
The problem doesn’t end there, however, because the poorest half only saw their wealth increase by one percent. Which reflects the trend worldwide. According to a survey by Oxfam India, the poorest in our country take 941 years to earn the same amount a the upper management earns in a year.
Plus, the wealth that the upper 1% owns has only been steadily increasing –
40% in 2010
46.8% in 2011
48.8% in 2012
48.7% in 2013
49% in 2014
53% in 2015
58.4% in 2016
So despite the fact that wealth is increasing, it’s not increasing for all. It is something we need to rectify and soon.
All Images Are Representational
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