Views Headlines Desk,
The poverty in India is all pervasive. Just move a few kilometers from metro cities and you will find grinding poverty entangling people in perpetual fear of their next meal, hospital charges or school fees for their years.
Even in metros where huge signboards try to hide the poverty behind neon signs, millions are just about able to manage a meal, while many others struggle to do it.
There is a cycle of poverty that seems to have become unstoppable. While we may marvel at a few stories of self made entrepreneurs or a startup launched by a boy from poor background, an overwhelming portion of people have no means and no support to stop this cycle of poverty ruining their lives.
While we knew all along that billionaires controlled India, and that the moneyed class, a few thousands at the most, controlled the nation and its economy, a report lays bare the hollow claims of turnaround in people’s lives.
When it comes to churning numbers, India may seem a wealthy nation. The total individual wealth of $5,600 billion certainly seems impressive. Nonetheless, despite such huge wealth, around seventy percent people are extremely poor in the country and this massive money is concentrated in the hands of just a few billionaires.
A latest report says that India is the second most ‘unequal’ nation in the world where millionaires, or those with net assets of $1 million or more, control over half of its total wealth, the first being Russia.
A report by the New World Wealth says that 54% of India’s wealth is in the hands of millionaires. In order to determine the level of inequality in the world, New World Wealth looked at the proportion of wealth controlled by millionaires, or high net worth individuals.
The report while detailing it further said, “The higher the proportion the more unequal the country is. For instance, if millionaires control over 50% of a country’s wealth then there is very little space for a meaningful middle class”. On the other hand, Japan is considered to be the most equal country on Earth. Millionaires in Japan control only 22 per cent of total wealth there. Australia is also very equal millionaires control only 28% of total wealth.
The report says that inequality is still low in the US. Regarding the United States, the report said it is also “surprisingly” equal as millionaires control around 32 per cent of total wealth there. “This is surprising low considering all the negative press that the US gets in terms of income inequality,” it added. The United Kingdom is slightly less equal than the US – millionaires control around 35% of total wealth there.