Richie Rich club: Millionaires control 54% of total wealth in India

The rich are getting richer, the poor are getting poorer may not be just a statement in India. It may be a fact if the latest findings by New World Wealth are to be believed. The latest report finds India the second most unequal nation in terms of wealth distribution. Millionaires (individuals with net assets worth $1 million or 6.6 crore or more) control 54 per cent of the total wealth in India. It is worse in Russia, where over 62 per cent is controlled by the millionaires.

At the other end of the spectrum is Japan, supposedly the most equal nation in the world. Millionaires control only 22 per cent of the wealth in the country. Even US fared decently on the equality parameter, with millionaires controlling about 32 per cent of the wealth. As per an earlier report on wealth creation in India by the same firm, the number of millionaires in the country stood at 236,000, at the end of 2015. This number has steadily increased in the past couple of years. At the end of 2013 there were 160,600 millionaires. At the end of 2014, there were 226,800. Is it getting better or worse? Depends on how you look at it. Glass half empty, half full?