India’s 54 per cent wealth controlled by millionaires, most unequal country after Russia: Report

Worldwide, Russia is the most unequal country where millionaires control over 62 per cent of the nation's total wealth.

By: IANS | New Delhi | Published:September 4, 2016 5:00 pm
money, wealth, inequality, india inequality, unequal wealth india, indian millionaires, india richest country, richest country's in world Photo for representational purpose

India is the second most ‘unequal’ country in the world after Russia, with millionaires controlling more than half of its total wealth, a report by Johannesburg-based wealth research firm New World Wealth said earlier this week.

In India, 54 per cent of its wealth is controlled by millionaires. While India is among the 10 richest countries in the world with a total individual wealth of $5,600 billion, the average Indian is quite poor, the report said.

“The higher the proportion the more unequal the country is. For instance, if millionaires control over 50 per cent of a country’s wealth, then there is very little space for a meaningful middle class,” the report said.

Worldwide, Russia is the most unequal country where millionaires control over 62 per cent of the nation’s total wealth.

Instead, Japan showed up as the most equal country, with millionaires controlling only 22 per cent of total wealth.

The report also found the US to be ‘surprisingly’ equal, with millionaires controlling around 32 per cent of the nation’s total wealth.

“This is surprising low considering all the negative press that the US gets in terms of income inequality,” it added.

Britain was found to be slightly less equal than the US, with its millionaires controlling around 35 per cent of the total wealth there.

Russia also tops the list of a country’s wealth held by billionaires (with net assets of $1 billion or more) with 26 per cent of the total Russian wealth held by this category of high net worth individuals.

Japan again is the most equal in this category, with billionaires controlling only three per cent of the total wealth of the country.

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  1. S
    SubbuI
    Sep 4, 2016 at 5:14 pm
    AMBANI. ADANI. RUIAS. PATELS, ALL BEING TAKEN CARE BY MAHA FEKU. JIO YAAR. THUMARA JIGRI KA RAJ HAI. PERCENTAGE BADAV. BEAT RUSSIA. ADAI SAAL BHAKI HAI. JIO BAKHTS, JIO. JALDI KARO" DALIT MUKTH BHARATH AND lt;br/gt;GARIB MUKTH BHARATH.SANGH TUMARA SAATH HAI
    Reply
    1. S
      SubbuI
      Sep 4, 2016 at 5:01 pm
      NO, EVOKE SANDEEP KUMAR, INSTALL HIM BACK .PROMOTE HIM AS CHEIF MINISTER IN ABSENCE OF KUJLIWAL AS HE HAS TO BECOME CM IN PUNJAB.THEN MAKE HIM PRIME MINISTER OF AAP CENTRAL GOVERNMENT. HE WILL ISSUE RATION CARD FOR ALL LADIES
      Reply
      1. G
        Gaurav Agrawal
        Sep 5, 2016 at 4:43 am
        Useless statistic. In any study you'll find that 50% of people are richer than the other 50%. All it tells us is that India probably has more millionaires than Russia.lt;br/gt;lt;br/gt;A good statistic on the other hand would be what % of potion owns the 80% of nations wealth, and their breakup (politicians/capitalists/NGOs etc.)
        Reply
        1. A
          ak dev
          Sep 4, 2016 at 4:12 pm
          It would have been 94% if Congress rule had continued for few more decades
          Reply
          1. A
            Analystt
            Sep 7, 2016 at 1:18 am
            Just saw the comments. Talk about sour grapes.... Those saying all rich are Hindu... Do you know about Azim premji or Tatas(parsi not Hindu) et all... People protesting against others being rich should just man up and compete rather than batch and moan about it...
            Reply
            1. A
              agajan
              Sep 4, 2016 at 1:17 pm
              This is the main issue of india the rich they want to be more rich and then the poor are becoming more poor people must donate for organisation like mesco nab and all the organizational which are serving poor free education must be given to student and voluntary donation must be made by the rich people when people are dying of hunger and poverty and rich are running after money it's shows that human have become materialistic a iron is valued more than human being when person has BMW mercedes he is respected the iron is respected rich people must learn to donate after death his all wealth is useless only his good deed will go with him long live india long live mesco nab charitable group bharat mata ki jai
              Reply
              1. B
                bitterhoney
                Sep 4, 2016 at 5:25 pm
                sabhi karorpatiyon ko modi ji ka aashirwad prapt hai. jio ke launch ke samay aap sabhi ne modi ji ki photo jaroor dekhi hogi. jio mein modi ji ka bhi share ho sakta hai
                Reply
                1. C
                  chirag mittal
                  Sep 4, 2016 at 12:43 pm
                  The data is new and surprising, that's good about this article but is not showing other aspects like reasons and credibility.
                  Reply
                  1. A
                    Avi
                    Nov 27, 2016 at 4:24 am
                    You did not understand. One percent potion is holding 54 percent wealth.
                    Reply
                    1. J
                      Jay
                      Sep 4, 2016 at 10:14 pm
                      That is stupid comparison because in Russia most industries are controlled by Putin's cronies, whereas in India it is the private Industry.
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                        Ganesh Dore
                        Sep 4, 2016 at 10:33 pm
                        All countries headedinthis direction . India just ahead of the curve , thazzzall !!
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                          Gaurav J
                          Sep 4, 2016 at 5:53 pm
                          54%? lt;br/gt;In case of USA, the magic number is 90%.lt;br/gt;Only 1% potion of USA controls 90% of American wealth. lt;br/gt;Where is the revolution? I don't see any communist uprising in USA?
                          Reply
                          1. g
                            guru592006
                            Sep 4, 2016 at 1:46 pm
                            Ambani and Adani, Tatas, birlas were poor and they just started their business in ,May 2014 and became super rich in ,2 years time. For your info these people did not get any single licence after 2014.
                            Reply
                            1. S
                              Saji
                              Sep 4, 2016 at 11:34 pm
                              India have been running on crony capitalism from Indira's days. The ground realities are slowly changing. We will overcome it.
                              Reply
                              1. K
                                KD
                                Sep 4, 2016 at 6:42 pm
                                Sanghi prateik really has a mind of a chaddi. Russia's condition is due to the shock therapy it was made to undergo by its neoliberal elites after the collapse of communism wherein all the state insutions were sold to ambanis and adanis of Russia at dirt cheap rates. This created a oligarch cl. The neoliberal fraud Boris Yeltsin who presided over this mive redistribution from the poor to the rich resembles more like Modi than anyone else. In fact Narendra Modi is India's version of Boris Yeltsin. Always in the pocket of filthy rich.
                                Reply
                                1. K
                                  Kejriwal Fan
                                  Sep 4, 2016 at 2:45 pm
                                  This wealth must be snatched and distributed among the poor, minorities and the socially backward cles. To make this dream happen we must pledge to make Kejriwalji our PM in 2019
                                  Reply
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                                    DILIP
                                    Sep 4, 2016 at 2:59 pm
                                    What a load of t000sh, the GINI coefficent index is much lower then all the above countries listed including China. Get your facts right
                                    Reply
                                    1. V
                                      vivek
                                      Sep 4, 2016 at 3:41 pm
                                      You must be out of your mind, it has been 60 years before you got a prime minister who talks development. He needs at least 10 years to make us look better.
                                      Reply
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                                        Citizen
                                        Sep 4, 2016 at 1:36 pm
                                        It's politics of discrimination and denying rights to the oppressed. Such inequality in many cases gives rise to revolutions. Imagine the situation and inequality, if iNDIA were to be a feudal state without a robust Consution like the one we have today.
                                        Reply
                                        1. S
                                          Sarfaraz Abbasi
                                          Sep 5, 2016 at 6:02 am
                                          Hahaha. These Hindu nationalists then have audacity to call stan 'beggar' while their own huge potion of 800 million is begging in slums and footpaths while the rich billionaires are enjoying privildges by filling pockets of Hindu nationalists of BJP like Hindu terrorist Narendra Modi.
                                          Reply
                                          1. S
                                            Sarfaraz Abbasi
                                            Sep 5, 2016 at 6:04 am
                                            Re read the article which speaks about controlling and the divide in society.
                                            Reply
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