By the end of 2023, India’s richest citizens owned 40.1% of the country’s wealth, the highest since 1961, and their share of total income was 22.6%, the most since 1922, the study found
A man carries blankets as he crosses railway tracks on a foggy and cold winter morning in the northern Indian city of Allahabad, on Dec. 29, 2014.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 April 16.