1% of Indians own 53% of country’s wealth: UN report

NEW DELHI: Indicating that inequality in India is increasing, a UN report released on Thursday said the richest 1% own 53% of the country’s wealth.

It also said unlike other countries, development in India was not moving across states.

“In terms of wealth inequality, India is second only to Russia, where the richest 1% own 53% of the country’s wealth,” said the report ‘The Better Business, Better World’ released here in a two-day event of the United Nations Global Compact (UNGC).

According to Lise Kingo, CEO and executive director of the UNGC, sustainable development goals can open at least $1 trillion of market opportunity for the private sector in India.

“This is out of a total global value of $12 trillion that could be unlocked by sustainable business models in four key areas, food and agriculture, energy, cities and health,” she said.

Kingo added that over 72 million new jobs could be created in India by 2030 by adapting a sustainable business model.