The wealth of the rich 1% of the country has increased immensely, a huge increase of 62 percent in 23 years, G-20 report alerted.

India’s top 1% grew wealth by 62%: The gap between rich and poor is continuously deepening in India. According to a new report by the G-20, the wealth of the top 1 percent of the country’s richest people has increased by 62 percent between 2000 and 2023. This report has been prepared under the chairmanship of South Africa and it has expressed serious concern over the increasing level of inequality.

The growing gap between rich and poor

This study, prepared under the leadership of Nobel laureate Joseph Stiglitz, says that global inequality has now reached emergency level. This is a big threat not only to economic stability but also to the progress of democracy and climate change.

The report states that 41% of the new global wealth acquired between 2000 and 2024 has gone to only the top 1% of the rich, while the bottom 50% have gained only 1% of the wealth.

Comparison of India and China

While in India the wealth of the top 1% people has increased by 62%, in China this increase was 54%. According to the report, due to increase in per capita income in both the countries, the inequality between the countries has decreased slightly, but the inequality within the countries has increased to an alarming level.

The report says that economic inequality is not an inevitability, but it is the result of political and policy decisions, which can be changed with strong political will.

possible to reduce inequality

The report suggested that, just as the Intergovernmental Panel on Climate Change (IPCC) works to monitor climate change, an “International Panel on Equality (IPE)” should be created, which would collect official data on global inequality and provide recommendations to governments.

Independent experts like economists Jayati Ghosh, Winnie Byanyima and Imran Valodia were involved in preparing this report. He warned that if the gap between rich and poor continues to increase like this, it may affect the democratic structure, social unity and economic development.

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