Richest 10% own 50% of assets in India, finds NSS survey

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The top 10% of Indians possess more than 50% of the country’s assets, while the bottom 50% of Indians own 10% of the financial and physical assets, according to the findings of the All India Debt & Investment Survey, 2019, conducted by the National Sample Survey (NSS).

States with highest inequality

The highest inequality, according to the results of the survey was reported from the national capital, Delhi, where the top 10% richest people owned 80.8% of the assets and the bottom 50% had just 2.1% of assets. This financial disparity could be the result of the high valuation of the land in rural areas in the peripheries of Delhi and neighbouring areas, the report added.

After the national capital, the next state with second-highest income disparity was Punjab, whose top 10% rich people possessed over 65% of the state’s financial and physical assets. The bottom 50% of Punjab owned only 5% of its assets. Other states with significant financial inequality were Haryana, Madhya Pradesh and Uttarakhand.

Among the Union Territories, Jammu and Kashmir topped the enviable list, where the top 10% were found to own 32% of economic and physical assets and the bottom 50% owned just 18%.

Survey method

This stark inequality among the richest and poorest Indians was based on a survey that put a monetary value on all items owned by a household such as land, buildings, livestock, vehicles as well as bank deposits, company shares and post office accounts.

The survey was conducted in 2019. It found the physical and financial assets of people living in the country’s rural areas to be worth Rs 274.16 lakh crore, of which slightly less than half, Rs 139.6 lakh crore, was owned by the top 10% wealthy people. The bottom 50% owned just 10.2% of the assets.