World Inequality Report, 2024

Inequality in India has skyrocketed since the early 2000s, with the income and wealth share of the top one per cent of the population rising to 22.6 per cent and 40.1 per cent, respectively, in 2022-23, according to a working paper.

The 10,000 wealthiest individuals of the 92 million Indian adults own an average of Rs.22.6 billion in wealth—16,763 times the country’s average—while the top 1 per cent possess an average of Rs.54 million in wealth.

1% of Indians take 45% of flights, 2.6% of Indians invest in mutual funds, 6.5%
of users are responsible for 44% of digital transactions on the Unified Payment Interface (UPI).

As per the annual Forbes rich lists, the net wealth of USD MER billionaire Indians has
grown by over 280% cumulatively between 2014 and 2022 in real terms, 10 times the growth rate of
national income over the same period (27.8%).

The ‘Billionaire Raj’ headed by India’s modern bourgeoisie is now more unequal than the British Raj headed by the colonialist forces.