The flour of the poor is getting wet, the rich are cutting silver! know how

Ronit Kawale
Ronit Kawale - Senior Editor
3 Min Read

New Delhi. The rich and their wealth are increasing rapidly in India. This trend has started not from today but 24 years ago. Economic inequality has been continuously increasing in India since the beginning of the 2000s. A report says that in 2022-23, the income share of the richest one percent of the country's population has increased to 22.6 percent. At the same time, his share in the property has increased to 40.1 percent. The report titled 'Income and wealth inequality in India, 1922-2023: The rise of the billionaire raj' says the rise in top-level inequality between 2014-15 and 2022-23 is particularly driven by wealth concentration .

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This report has been written by Thomas Piketty (Paris School of Economics and World Inequality Lab), Lucas Chancel (Harvard Kennedy School and World Inequality Lab) and Nitin Kumar Bharti (New York University and World Inequality Lab).

Also read- Sea in front of bungalow, building came in between, 118 crores spent for the view, rich woman bought all the houses

Left America behind in wealth
According to the report, “By 2022-23, the share of income and wealth of the richest one percent was at historic highs of 22.6 percent and 40.1 percent, respectively. India's income share of the top one percent is the highest in the world. This is more than South Africa, Brazil and America.” The report said that from the net worth perspective the Indian income tax system appears regressive.

The report says that the quality of economic data in India is very poor and has seen a decline recently. It says that the income share of the richest one percent of the population in India is high. This is probably less than only Peru, Yemen and some other countries.

At the same time, according to another report, out of the total population of about 69.2 crore women in India, 37 percent are actively employed. According to the 'State of Women Employment in India' report by talent solution provider CareerNet, cities like Hyderabad, Pune and Chennai are at the top in terms of providing employment to women.

(with input from language)

Tags: Billionaires, Business news in hindi, Businessman Anand Mahindra, High net worth individuals

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