UNEQUAL DISTRIBUTION OF RICHES
THE RICHEST 0.1% OF THE WORLD’S POPULATION HAVE INCREASED THEIR COMBINED WEALTH BY AS MUCH AS THE POOREST 50% — OR 3.8 BILLION PEOPLE — SINCE 1980, ACCORDING TO A REPORT DETAILING THE WIDENING INEQUALITY BETWEEN THE ULTRA RICH AND THE POOR.
The World Inequality Report warned that inequality had ballooned to “extreme levels” in few countries and said the problem would only get worse unless governments took coordinated action Inequality in India too has risen substantially since 1980s following profound transformations in an economy that centred on the implementation of deregulation and opening-up reforms. In 2014, the share of income captured by top 1% of earners was 22%, while the share of the top 10% of earners was around 56%.
The rising inequality contrasts to the 30 years following India’s independence, when income inequality was widely reduced and the incomes of the bottom 50% grew faster than the average.