Read More>> In the recent years, rising income inequality and jobless growth have been subjects of discussion and debate. A February 2018 New World Wealth report (‘Global Wealth Migration Review’, goo.gl/R9x5qX) claimed that India is the second-most ‘unequal’ country in the world, with millionaires controlling 54% of the wealth. In Japan, the most equal country, millionaires control only 22% of national wealth.
India’s average national income is $1,800 (about Rs 132,300) a year. However, 80% of Indians earn less than the average. Only 6% Indians earn more than Rs 240,000 a year. To get into the top 1% bracket, one needs to make just over $20,000 (Rs 1,469,600) a year. And this top 1% is generating 73% of the wealth.