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LATEST NEWS UPDATES | Number of India’s ultra-rich grew 11x in last decade -Parvathi Benu

Number of India’s ultra-rich grew 11x in last decade -Parvathi Benu

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published Published on Sep 27, 2022   modified Modified on Sep 28, 2022

-The Hindu Business Line

However, inequality is slightly down in the last two years, says a global wealth report

Wealth of the rich in India has grown over the last decade and the pandemic-hit years too continued to see a stellar increase in the number of the rich. However, inequality in the country has reduced a tad over the last couple of years, implying that the increase in wealth was broad-based during the period.

While 100 Indians owned assets worth more than 1,000 crore in 2012, the number has grown to 1,103 in 2022, according to the recently released IIFL Wealth Hurun India Rich List. During the pandemic, between 2019 and 2022, there were 353 additions to the list.

While inequality in India continues to be high, another dataset suggests that from 2020, it has been reducing slightly. A recently released Global Wealth Report by Credit Suisse Research Institute notes the value of the Gini coefficient, which measures inequality is 82.3 in India, as of 2021. A higher Gini indicates more inequality. Its value was 83.3 in 2015. While it is above 80 in the US, Russia and Brazil, the value is 70.1 in China and 70.6 in the UK.

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The Hindu Business Line, 27 September, 2022, https://www.thehindubusinessline.com/data-stories/data-focus/number-of-indias-ultra-rich-grew-11x-in-last-decade/article65942118.ece


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