NEW DELHI: India is the second most ‘unequal’ nation in the world where millionaires, or those with net assets of USD 1 million or more, control over half of its total wealth, says a report.
According to wealth research firm New World Wealth, after Russia, India is the most unequal country as 54 per cent of its wealth is in the hands of millionaires.
India is among the 10 richest countries in the world with total individual wealth of USD 5,600 billion, but the average Indian is quite poor.
Globally, Russia is the most unequal country where millionaires control over 62 per cent of total wealth.
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 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. (AGENCIES)
Follow our WhatsApp channel