NEW DELHI: The wealth concentrated in the richest 1 per cent of India's population is at its highest in six decades and the percentage share of income exceeds that of countries including Brazil and the United States, research group the World Inequality Lab found.
"The 'Billionaire Raj' headed by India's modern bourgeoisie is now more unequal than the British Raj headed by the colonialist forces," the authors said. India's main opposition party Congress has raised the issue of Modi's government's closeness to billionaires in rallies ahead of national polls starting from Apr 16.India’s rich millennials driving luxury real estate boom in search for investment opportunities, bigger liveable spaces
Data from Forbes billionaire rankings show the number of Indians with net wealth exceeding US$1 billion rose from one in 1991 to 162 in 2022.The 10,000 wealthiest individuals of the 92 million Indian adults own an average of 22.6 billion rupees in wealth, 16,763 times the country's average, while the top 1 per cent possessing an average of 54 million in wealth.
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