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LATEST NEWS UPDATES | India second most unequal region in wealth distribution: report -Jitendra

India second most unequal region in wealth distribution: report -Jitendra

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published Published on Dec 17, 2017   modified Modified on Dec 17, 2017
-Down to Earth

India’s 10 per cent rich share 55 per cent of the national income, making it the second most unequal region after the Middle East

India emerged as the second most unequal region in the world after the Middle East, according to the World Inequality Report 2018. The 10 per cent of super rich population share 55 per cent of the national income of the country. In the Middle East, the world’s most unequal region, the top 10 per cent hold 61 per cent of the national income.

The report says that in European countries the share of the rich is 37 per cent of the national income, making it a low unequal region in comparison to the rest of the world. Brazil and sub-Saharan African region stand equal to India followed by US-Canada (47 per cent), Russia (46 per cent) and China 41 per cent.

The aim of the report is to fill a democratic gap and start informed public debates on inequality. It relies on the collective efforts of more than a hundred researchers, covering all continents, who contribute to the WID-World Wealth & Income Database.

According to the report, income inequality has been rapidly widening in North America, China, India and Russia since the 1980s.

The income inequality trajectory observed in the United States is largely due to massive educational inequalities combined with a less progressive tax system.

Global scenario

The report points out that top one per cent share 33 per cent of the total wealth whereas the bottom 75 per cent has only 10 per cent of the total wealth.

The report states that wealth is more concentrated than income. The top 10 per cent own more than 70 per cent of the total wealth in China, Europe and United States. The bottom 50 per cent own less than two per cent. The middle 40 per cent (the global wealth middle class) own less than 30 per cent.

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Down to Earth, 15 December, 2017, http://www.downtoearth.org.in/news/india-second-most-unequal-region-in-wealth-distribution-report-59343


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