54% of India’s wealth controlled by millionaires

wealthAccording to a report by wealth research firm New World Wealth, India is the second most ‘unequal’ country in the world after Russia, with millionaires controlling over half of its total wealth.

In India 54 percent of the wealth is controlled by millionaires, while India is among the 10 richest countries in the world. With a total individual wealth of $5,600 billion, the average Indian is quite poor, the report said.

Also, the higher the proportion the more unequal the country is. For instance if millionaires control over 50 percent of a country’s wealth, there is very little space left for a meaningful middle class.

Russia is the most unequal country in the world, while Japan is the most equal country, with millionaires controlling only 22 percent of total wealth. The US is ‘surprisingly’ equal with millionaires controlling some 32 percent of the nation’s total wealth.

Britain was found to be slightly less equal than the US with its millionaires controlling around 35 percent of the total wealth there.

Russia also tops the list of country’s wealth held by billionaires, with 26 percent of the total Russian wealth held by this category of high net worth individuals.