According to wealth research firm New World Wealth, India is the second most unequal country as 54 per cent of its wealth is in the hands of millionaires.
Wealth refers to net assets of a person. It includes all their assets (property, cash, equities, business interests) less any liabilities, it excludes government funds from its figures.
Russia is the most unequal country where millionaires control over 62 per cent of total wealth.
According to report, in India the persons with net assets of $1 million or more, control over half of its total wealth.
India is among the 10 richest countries in the world with total individual wealth of $5,600 billion, but the average Indian is quite poor.
In order to determine the level of inequality in the world, New World Wealth looked at the proportion of wealth controlled by millionaires, or high net worth individuals.
Japan is considered to be the most equal country on Earth. Millionaires in Japan control only 22 per cent of total wealth there.
Australia is also very equal – millionaires control only 28 per cent of total wealth.
In United States, millionaires control around 32 per cent of total wealth there.
The United Kingdom is slightly less equal than the US – millionaires control around 35 per cent of total wealth there.
In measure of proportion of a country’s wealth held by billionaires:
Russia again tops this list with 26 per cent of total Russian wealth held by billionaires.
Japan again is the most equal with billionaires only controlling 3 per cent of total wealth there.
