Did you know Mumbai houses the largest number of millionaires in India? A new report by Hurun Report found out that Mumbai is home to the largest number of millionaires followed by Delhi and Kolkata. The survey indicated that the millionaires classify themselves as happy in their personal and professional lives. However, at a time when there are concerns of growing inequality in the country, Hurun Report findings come as a matter of great concern.
The latest World Inequality Report 2022 reveals that India stands out as a very “unequal country”. This is because the top 10 per cent wealthy own 57 per cent of the total national income. And the bottom 50 per cent’s share is just a meagre 13 per cent in 2021. The most unequal regions in the world include the Middle East and North Africa (MENA). Europe is known to have the lowest inequality levels. The affluent 10 per cent in Europe share 36 per cent of the wealth. In North Africa, they own 58 per cent of the country’s total national income. Read on to know more.
World Inequality Report 2022 Ranks India As Poor & Unequal Country
Due to the coronavirus pandemic, World Inequality Report 2022 reported a drop in global income in 2020. Rich countries witnessed half of the dip while low-income and emerging nations witnessed the rest. When it comes to India, the report reveals that the middle class is relatively poor where they own around 29.5 per cent of the total national income. The top 1 per cent owns 33 per cent and the top 10 per cent owns 65 per cent of the average wealth. The report states that India ranks as an unequal and poor country housing an affluent elite.
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Report Suggests Levying Progressive Wealth Tax On Wealthy
The Indian adult population earns an annual average national income of ₹2,04,200 in 2021. The bottom 50 per cent earns ₹53,610 in a year, And the top 10 per cent earns over 20 times more of ₹11,66,520. The reduce the inequalities in the wealth shared, the report suggests levying modest progressive wealth tax on multimillionaires. This is believed to generate crucial revenues for the government. And it can be reinvested in health, education and ecological sectors.
First Published: February 23, 2022 12:27 PM• India is among the most unequal countries, says World Inequality Report 2022.
• Top 1% of Indians hold 22% of national income.
• Bottom 50% of Indians hold just 13% of income, the lowest ever.
• Income Inequality in India is as high as it was under British Colonial Rule.
— Advaid അദ്വൈത് (@Advaidism) December 8, 2021