The wealth concentrated in the richest 1% of India's population is at its highest in six decades and the percentage share of income exceeds that of countries including Brazil and the United States, research group the World Inequality Lab found.
Since India, which won its independence in 1947 from Britain, opened its markets to foreign investment in 1992, its number of billionaires has surged.
"The 'Billionaire Raj' headed by India's modern bourgeoisie is now more unequal than the British Raj headed by the colonialist forces," the authors said.
By the end of 2023, India's richest citizens owned 40.1% of the country's wealth, the highest since 1961, and their share of total income was 22.6%, the most since 1922, the study, whose four authors included Nitin Kumar Bharti and Thomas Piketty, found.
In 2014, Prime Minister Narendra Modi was elected on a mandate for development and economic reforms.
His critics say his last two terms in office have been characterised by a widening gap between rich and the rural poor as India's economy grew at 8.4%, its fastest in one-and-half years, in the final three months of 2023.
Main opposition party Congress has raised the issue of Modi's government's closeness to billionaires in rallies ahead of national polls starting from April 16.
The World Inequality Lab said factors, including a lack of education has trapped some people in low-paid jobs and depressed the growth of the bottom 50% and middle 40% of Indians.
Data from Forbes billionaire rankings show the number of Indians with net wealth exceeding $1 billion rose from one in 1991 to 162 in 2022.
Asia's two richest men, Reliance Industries' Mukesh Ambani and Adani Group's Gautam Adani, are Indian.
The 10,000 wealthiest individuals of the 92 million Indian adults own an average of Rs 22.6 billion ($271.91 million) in wealth, 16,763 times the country's average, while the top 1% possessing an average of 54 million in wealth.
In December, the Indian government's chief economic adviser said subsidised grain distribution, spending on education and health, and direct cash transfers via a rural jobs scheme have helped to distribute income more equally.
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By the end of 2023, India's richest citizens owned 40.1% of the country's wealth, the highest since 1961, and their share of total income was 22.6%, the most since 1922, the study, whose four authors included Nitin Kumar Bharti and Thomas Piketty, found.
How much wealth does the 1% have in India? ›
The 10,000 wealthiest individuals of the 92 million Indian adults own an average of 22.6 billion rupees ($271.91 million) in wealth, 16,763 times the country's average, while the top 1 per cent possessing an average of 54 million in wealth.
How much wealth does the top 1% have over time? ›
Since 2020, the wealth of the top 1% has increased by nearly $15 trillion, or 49%. Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%.
How much wealth is concentrated in the top 1%? ›
More than one-quarter of all household wealth, 26.5%, belongs to Americans who earn enough money to rank in the top percentile by income, according to Federal Reserve statistics through mid-2023. The top 1% holds $38.7 trillion in wealth.
Is India a rich country or poor? ›
But we are still a poor country, Subbarao said, adding that India is now the fifth largest economy in the world, with the figure standing at USD 4 trillion. With a per capita income of USD 2,600, India is in the 139th position in the league of Nations in terms of per capita income.
What is income of top 1% in India? ›
The top 1 per cent earn on average Rs 5.3 million, 23 times the average Indian (Rs 0.23 million). Average incomes for the bottom 50 per cent and the middle 40 per cent stood at Rs 71,000 (0.3 times national average) and Rs 1,65,000 (0.7 times national average), respectively.
How much money do you need to join India's richest 1% club? ›
The report found that the net worth required to join the top 1% in India is $1,75,000 or Rs 1.45 crore. Here is everything you need to know about it.
What is considered the richest 1%? ›
There is another level of financial elite within the 1% called ultra-high net work individuals, or UHNWI. In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd.
How many people are in the top 1%? ›
Over 21 million individuals residing in the United States belonged to the global top one percent of ultra high net worth individuals worldwide in 2022.
How much money is needed to be a billionaire in India? ›
But as Billionaire is generally used in terms of $$ Value - most of times it is referred to one who is worth over 100 Crores Dollar i.e. - Equivalent to roughly around 7000 crores currently.
A household income of above 30 LPA is generally considered rich in India as per many studies in this field. In major metropolitan cities like Mumbai, Delhi, Bangalore, and Hyderabad, the cost of living is relatively high. Consequently, the threshold for being considered "rich" is higher.
Is France richer than India? ›
India's economy now has a nominal GDP of $2.94 trillion. The report said, "India's economy is the fifth largest in the world with a GDP of $2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot". The UK economy amounts to $2.83 trillion and France with $2.71 trillion.
Is Thailand richer than India? ›
India ranks as the 7th biggest economy globally with a $2.7 trillion GDP, while Thailand ranks 26th with $505 billion. India and Thailand rank 6th versus 86th respectively, by GDP 5-year average growth.
What is the wealth of the top 1%? ›
In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd. As of the end of 2023, this ultra-high net worth population is on the rise, reaching 626,000 globally, up from just over 600,000 a year earlier.
Who owns most of India's wealth? ›
Mr Mukesh Ambani, the Managing Director and Chairman of Reliance Industries, is India's wealthiest individual. As reported by Forbes, Reliance Industries has a revenue of over Rs 9.03 lakh crore ($109.4 billion). It is involved in diverse sectors such as petrochemicals, oil and gas, retail, telecom, and more.
How much of the world's wealth does India have? ›
Total household wealth by country
| Country (or area) | Subregion | % of world |
|---|
| India * | Southern Asia | 3.4% |
| Latin America and the Caribbean | 3.3% |
| Canada * | Northern America | 2.5% |
| Italy * | Southern Europe | 2.4% |
74 more rowsTo be in the top 5 percent, your minimum wealth should be $45,909, while you require a minimum of $22,476 to be among the richest 10 percent of Indian adults. In rupee terms, you should have just Rs 16.74 lakh to be in the top 10 percent.
