While India has a huge population of about 121 crore, just 831 richest Indians hold a quarter of India’s GDP. We take a closer look.
While India has a huge population of about 121 crore as per government’s census, just 831 richest Indians hold a quarter of India’s GDP. According to Barclays Hurun Rich List 2018, 831 richest Indians collectively own net worth of $719 billion, which amounts to about 25.2% of India’s GDP estimated at $2.85 trillion in April 2018, according to IMF.
Led by Reliance Industries chairman Mukesh Ambani with a networth of Rs 3.71 trillion, this year’s number of Indians with net worth of Rs 1,000 crore or more in 2018 is 214 individuals more than the 2017 list, notes the report. Notably, in a January 2018 a report presented by Oxfam at the World Economic Forum, had expressed concern on the rising inequalities, stating that 1% of the country’s population holds 73% of the wealth.
“Wealth creation in India is growing at an unprecedented pace, and the time it takes to accumulate wealth is shorter than ever before,” Satya Narayan Bansal, chief executive officer of Barclays Private Clients said. With 141 billionaires, the report pegged India as third in terms of countries with highest number of billionaires behind China and the US.
“The Indian edition of the list is the fastest growing rich list in the world, highlighting the optimism of a young, vibrant and ambitious country,” Hurun Report India’s Managing Director Rahman Junaid noted.
On the other side, India’s per capita income has grown at a slower pace in FY18, according to official data. India’s per capita income grew at a slower pace of 8.6% to Rs 1,12,835 during the last fiscal ended March 2018, data released by Ministry of Statistics and Programme Implementation (MOSPI) in June this year showed.
Highlighting the burgeoning inequality in the country, Oxfam in January noted that it would take 941 years for a minimum wage worker in rural India to earn what the top paid executive at a leading Indian garment company earns in a year. Further, while 73% of the wealth generated last year went to the richest 1%, 67 crore Indians who comprise the poorest half of the population saw a paltry 1% increase in their wealth.