GROWING INCOME DISPARITIES CONTRADICTS INDIA WEALTHY STATUSby Opinion Express February 6, 2018 0 comments
India 6th wealthiest nation with total wealth of $8,235 bn.
LOVE ME OR HATE ME BUT ALWAYS KEEP MY NAME ON BOARD: The miraculous story of a nation of over billion people is gradually shaping up in a ferry tale saga. Now India has been ranked sixth in the list of wealthiest countries with total wealth of$8,235 billion, while the United States topped the chart, says a report. According to a report by New World Wealth, the United States is the wealthiest country in the world as the total wealth held in 2017 amounted to $64,584 billion, followed by China at the second place with $24,803 billion and Japan with $19,523 billion at third.
Total wealth, refers to the private wealth held by all the individuals living in each country/city. It includes all their assets (property, cash, equities, business interests) less any liabilities. The report, however, excludes government funds from its figures. Others in the list include United Kingdom (4th, $9,918 billion), Ger- many (5th, $9,661 billion), France (7th, $6,649 billion), Canada (8th, $6,394 billion), Australia (9th, $6,143 billion) and Italy (1oth, $4,277 billion).
The report further noted that India was the best performing wealth market globally in 2017 as its total wealth swelled from $6,584 billion in 2016 to $8,230 billion in 2017, registering a 25 per cent growth. Meanwhile, during the period under consideration China’s wealth saw an in- crease of 22 per cent and global wealth rose by 12 per cent (from $192 trillion at the end of 2016 to $215 trillion at the end of 20 17).
over the past decade (2007-2017) India’s total wealth increased from $3,168 billion in 2007 to $8,235 billion in 2017, a jump of 160 per cent. The report further noted that India, is home to 3,30,440 HNWls (individuals with $1 million or more in net assets). Globally, India was ranked 9th in this aspect while US topped the list with 50,47,450 HNWls (high-net-worth individuals). India is also home to 20,732 multi millionaires, 7th largest in the world. And in terms of resident billionaires, India with 119 such individuals was named among the top three countries globally, after the US and China. A billionaire is defined as an individuals with $1 billion or more in net assets.
“In general, it was a good year for all W10 (wealthiest 10) markets, thanks to strong global stock market gains – the MSCI world index was up 23 per cent and the Dow Jones (DJlA) was up 26 per cent during the year (in USD terms),” the report said, adding “wealth held in China, India, USA, Japan and Australia all grew strongly over the past year’.
However the challenge for growing India is enormous. The distribution of ever growing wealth remains the principle hurdle in the comprehensive growth of native Indian population. We have over 20% population living below the poverty line and the government of the day have the challenge to provide level playing field for all Indians to share the growing wealth. The top 1% of population holds 73% of the national wealth and the remaining 99% holds the remaining 27%, the phenomenal gap needs to bridged soon in order to create an orderly civilized society. Fortunately, government of the day is aware of the disparity and there is an continuous attempt to address this vital issue of income disparity.
By Opinion Express News Desk