India has emerged as the most unequal country with the top 1% of the population holding more than one-fifth of the total national income in 2021, according to World Inequality Report 2022.
The report added that that the average national income of the Indian adult population is ₹204,200. While the bottom 50% earns ₹53,610, the top 10% earns more than 20 times ( ₹1,166,520).
The report pointed that the top 10% of the population holds 57% of the total income while the bottom 50% share has gone down to 13%. The average household wealth in the country stands at ₹983,010, the report added.
Furth the report underscores the gender inequality in the country. It is observed that the female labour income share is equal to 18%--one of the lowest in the world, slightly higher than the Middle East (15%).
The report noted that income and wealth inequalities have been on the rise nearly everywhere since the 1980s, following a series of deregulation and liberalisation programs that took different forms in different countries.
"The rise has not been uniform: certain countries have experienced spectacular increases in inequality (including the US, Russia, and India) while others (European countries and China) have experienced relatively smaller rises," it said.
The report pointed out that in 2021, after three decades of trade and financial globalisation, global inequalities remain extremely pronounced.
The report has been authored by Lucas Chancel, co-director of the World Inequality Lab, and coordinated by several experts, including French economist Thomas Piketty.
