Wealth inequality in India at an all-time high during covid

NEW DELHI : Credit Suisse’s Global Wealth Report released on Tuesday shows that India’s Gini coefficient peaks at 82.3 in 2020 and stays flat at the end of 2021. The Gini coefficient is a measure of discontent. equality with a higher number indicates a higher degree of inequality .

The Gini Index is flat in 2021 from 2020 even as household wealth in India surged during the same period. According to the report, total wealth in India is $14.2 trillion in 2021, an increase of 1.5 trillion or 12% compared to 2020.

The report highlights that India’s Gini coefficient has increased from 74.7 in 2000 to 82.3 in 2021.

According to the report, total wealth in India is $14.2 trillion in 2021, an increase of 1.5 trillion or 12% compared to 2020.

Compared to the other fastest growing economies – China, Indonesia and Saudi Arabia – India’s Gini coefficient is second, followed by Saudi Arabia with 86.4. The Gini coefficients of China and Indonesia are much lower at 70.1 and 78.2, respectively.

India will add 107,000 millionaires by 2021 and account for at least 1% of the total global millionaires. The number of millionaires in India is expected to more than double to around 1.6 million by 2026, the report said. The wealth share of the top 1% of Indians increased by 0.1% in 2021 to reach 40.6%. increased from 33.2% in 2000.

India’s increase in household wealth in 2021 follows a 6.1% decline recorded in 2020. This growth occurred as a result of a sharp 31% increase in share prices.

Total global wealth recorded a 9.8% increase, or $41.5 trillion at current exchange rates, to $463.6 trillion. “However, factors such as inflation, rising interest rates and a downward trend in asset prices could reverse last year’s impressive growth in 2022,” the report said.

“On a country basis, the United States added the most affluent households in 2021, followed by China, Canada, India and Australia,” said Anthony Shorocks, economist and report author. .

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