India’s 1% Richest Control 58.4% of the Nation’s Wealth

The latest global wealth data from Credit Suisse Group AG reveals a striking concentration of wealth in India, where the richest 1% now controls 58.4% of the nation’s wealth. This annual report, published by the Zurich-based financial services company since 2010, highlights a significant increase from last year’s 53%.

Over the past two years, the wealth share of the top 1% has surged dramatically, rising from 49% in 2014 to the current 58.4%. This trend reflects an accelerating consolidation of wealth among India’s richest. In 2010, the top 1% held 40.3% of the country’s wealth, growing steadily to 49% by 2014. The data clearly indicates that the wealthiest individuals are rapidly increasing their share.

The top 10% of Indians have also seen substantial gains, with their share of total wealth climbing from 68.8% in 2010 to 80.7% in 2016. In stark contrast, the bottom half of the population holds a mere 2.1% of the country’s wealth.

Credit Suisse’s data underscores that India’s richest have thrived regardless of the political landscape. For example, in 2000, the top 1% owned 36.8% of the wealth, a figure that has grown to nearly three-fifths over the past 16 years. This pattern suggests that the benefits of India’s economic growth have predominantly favored the wealthiest.

Comparatively, India stands out as one of the most unequal societies globally. The top 1% in China own 43.8% of the wealth, in Indonesia 49.3%, in Brazil 47.9%, and in South Africa 41.9%. However, India’s richest are still behind Russia’s top 1%, who possess an overwhelming 74.5% of the nation’s wealth.

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