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Income and Wealth Inequality in India, 1922-2023
March 27 , 2024
33 days
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- The paper titled “Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj” was released recently.
- Inequality in India has skyrocketed since the early 2000s.
- The income and wealth share of the top one per cent of the population is rising to 22.6 per cent and 40.1 per cent, respectively, in 2022-23.
- By 2022-23, top one per cent income and wealth shares (22.6 per cent and 40.1 per cent) are at their highest historical levels.
- India’s top one per cent income share is among the very highest in the world, higher than even South Africa, Brazil, and the US.
- The top 1 per cent income shares consistently fell over the next two decades and reached 6.1 per cent by 1982.
- It has consistently increased over the next 30 years to reach an all-time high of 22.6 per cent in 2022.
- A “super tax” of two per cent on the net wealth of the 167 wealthiest families in 2022-23 would yield 0.5 per cent of national income in revenues.
- From 13 per cent in 1922, the top 1 per cent income share increased significantly to over 20 per cent in the inter-war period.
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