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Where are you in India's wealth distribution?

Where are you in India's wealth distribution?

The annual Global Wealth Report, published Tuesday by Credit Suisse, points out that while the top 1 percent and 10 percent of the world's richest saw their share of wealth decline between 2001 and 2008, the trend swung the other way after the financial crisis.

The chart shows India's wealth pyramid.

Europe followed an identical patter, with wealth across the continent also rising by 6.4pc during the 12 month period. Thirty-six million people with over a million dollars make up just 0.7 percent of the global population, but control 46 percent of the world's $280 trillion dollars.

"This report highlights the huge gulf between the haves and the have nots-the world's richest one percent own more than everyone else combined while the poorest half of the population share less than a penny of every pound of wealth", said Katy Chakrabortty, head of advocacy for Oxfam, in a statement. There are 1,820 adult Indians who have wealth over $50 million, and, at the very apex, 760 have more than $100 million.

Decision On Thomas Chandy At Appropriate Time: Kerala Chief Minister Pinarayi Vijayan
The opposition Congress-led UDF and the BJP have been demanding the resignation of Chandy over allegations of land encroachment. Chandy on Tuesday evening canceled his plan to go to New Delhi for a meeting with the national leadership of the NCP.

"Looking at the bottom of the wealth distribution, 3.5 billion people - corresponding to 70 percent of all adults in the world - own less than 10,000 USA dollars", said the report.

At the same time, the Credit Suisse report detailed how so-called Millennials are facing far more adverse market conditions than previous generations, which will "most likely limit their wealth acquiring prospects". "In some low-income countries in Africa, the percentage of the population in this wealth group is close to 100 percent", according to Credit Suisse's report. According to the eighth edition of the Global Wealth Report, in the year to mid-2017, total global wealth rose at a rate of 6.4 per cent, the fastest pace since 2012 and reached Dollars 280 trillion. Most of these influences have been positive during past 12 months, including in India, where market capitalisation rose by close to 30 per cent, house prices by around 10 per cent, while Indian rupee rose 4 per cent against the United States dollar.

"The top wealth earners in particular benefited, and, across all regions, wealth inequality rose from 2007 to 2016", said the Credit Suisse Research Institute's 2017 Global Wealth Report.


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