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Top 1% of India's richest now own over 50% of country's wealth:
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Top 1% of India's richest now own over 50% of country's wealth: Credit Suisse
By Besta Shankar | Updated: October 14, 2015 14:03 IST
India's Richest persons
India's richest people in the past 15 years are getting luckier as the top 1% of them now own 53% of the country's wealth, up from 36.8% in 2000, according to a report from a global brokerage firm.

While the top 5% of the richest account for 68.6% of the country's wealth, the top 10% own 76.3%, said Credit Suisse in a global wealth report.

Reflecting a dismal picture of the wealth owned by the poor, the report said that they just possess 4.1% of the nation's wealth.

The top 1% of the richest people in the country saw their share of wealth surpassing the 50% mark in the past three governments, i.e., during the National Democratic Alliance (NDA) government from 2000-04 and two-terms of United Progressive Alliance (UPA) government between 2004 and 2014.

They also witnessed an increase in their wealth during the first year of the Modi government.

"The colour of the government has been no impediment to the steady rise in the riches of the wealthy," Livemint reported.

Further, the gap between the share of wealth held by the top 1% and the top 10% has come down to 23.3% in 2015 from 29.1% in 2000, indicating that the richest 1% have been gaining the wealth owned the top 10%.

"The richest are growing at the expense of the relatively well-off," the report said.

On the other hand, the share of "the poorer half of the population" declined to 4.1% from 5.3% during 2000 and 2015.

Overall, the country's wealth rose by $2.284 trillion during the same period, according to Credit Suisse.

Article Published: October 14, 2015 14:03 IST

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