Wealth Gini coefficient of India 2000-2022
At the end of 2022, the Gini coefficient of wealth in India stood at 82.5. This was a slight increase from previous years. The trend since 2000 shows rising inequalities among the Indian population.
What is Gini coefficient of wealth?
The Gini coefficient is a measure of wealth inequality. The coefficient of the Gini index ranges from 0 to 1 with 0 representing perfect equality and 1 representing perfect inequality. Wealth and income distribution and inequality can however vary greatly. In 2023, South Africa topped the list of the most unequal countries in the world in terms of income inequality.
Why do economic inequalities persist in India?
By the end of 2022, the richest citizens in the country owned more than 40 percent of the country’s wealth. Asia’s two richest men Mukesh Ambani and Gautam Adani are Indians. The number of high-net-worth individuals has continuously increased over the last decades. While millions of people escaped poverty in the country in the last few years, the wealth distribution between rich and poor remains skewed. Crony capitalism and the accumulation of wealth through inheritance are some of the factors behind this widening gap.
