India is dominated by rich people, according to a recently released government report, 10 percent of India’s rich people have more than half of the country’s financial assets and physical facilities. The All India Debt and Investment Survey, 2019 shows that 10 percent of India’s rich own 55.7 percent of the total wealth in urban areas and 50.8 percent in rural areas.
As per the Times of India news, property is ascertained by putting the value of everything owned by households, including physical assets such as land, buildings, livestock and vehicles as well as financial assets such as shares in companies, deposits in banks, and post office etc.
The survey conducted from January to December 2019 estimated that the total physical and financial assets of people living in rural areas stood at Rs 274.6 lakh crore, of which 10 percent of the country’s capitalists owned Rs 139.6 lakh crore. In rural areas, out of the total Rs 238.1 lakh crore, the top 10% have assets worth Rs 132.5 lakh crore. The bottom 50% owned 10.2% of assets in rural areas and even less than 6.2% in urban areas.
Delhi and Punjab have the highest wealth inequality
In some states of the country, its figures are even different. In Delhi the top 10% owned 80.8% of the assets and the bottom 50% had just 2.1%. The reason for this may be due to the high valuation of what is left of rural land in the periphery of the capital of the country.
After the country’s capital Delhi, the wealth inequality in rural areas was highest in Punjab, where the 10 percent of the rich owned more than 65% and the bottom 50% owned more than 5%.
On the other hand, among all the states and union territories, Jammu and Kashmir had the lowest skew of wealth in rural areas, where the top 10 percent of the rich owned 32 percent and the bottom 18 percent.