Key findings of the 2022 report:
- The gap between the rich and the poor in terms of share of national income is quite large, and growing rapidly as a result of government policies that favor the affluent elite. The richest 10% of the global population takes home 52% of the global income, whereas the poorest 50% got only 8.5% of it.
- Global wealth inequities are worse than income inequalities. While the poorest 50% own just 2% of the global wealth, the richest 10% own 76% of all the wealth.
- Inequality between countries was narrowing while inequality within countries was increasing. While the gap between the average incomes of the richest 10% of countries and the average incomes of the poorest 50% of countries has dropped from 50x to less than 40x, the gap between the average incomes of the top 10% and the bottom 50% of individuals within countries has almost doubled, from 8.5x to 15x.
Income-Inequality in India:
- India stands out as a poor and unequal country.
- In 2021, the top 1% of the population will hold more than one-fifth of total national income, while the bottom half would hold only 13%.
- India's economic reforms and liberalization have primarily benefited the top 1% of the population.
Household Wealth on average
- It is currently valued at Rs. 983,010. Deregulation and liberalization policies implemented during the mid-1980s have been credited with causing "one of the world's most extreme increases in income and the wealth inequality."
- Female labor income share is 18 percent, which is much lower than the Asian average (21 percent excluding China) and one of the lowest in the world.
- India has a low carbon footprint. The average per capita greenhouse gas consumption is just over 2 CO2e.
- CO2e, or carbon dioxide equivalent, is a word for defining various greenhouse gases in a community.