After Russia, India most 'unequal' country globally

[Vikrant]

I think this issue can be fixed by taxing the rich properly. India can learn from the US quite a bit on this subject.

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NEW DELHI: India is the second most 'unequal' nation in the world where millionaires, or those with net assets of $1 million or more, control over half of its total wealth, says a report.

According to wealth research firm New World Wealth, after Russia, India is the most unequal country as 54 per cent of its wealth is in the hands of millionaires.

India is among the 10 richest countries in the world with total individual wealth of $5,600 billion ...

Read more at:
After Russia, India most 'unequal' country globally - The Economic Times

 

[ThirdTerm]

In Russia 110 billionaires hold 35% of the country's wealth, meaning that the country has the highest rate of wealth inequality. It's mainly because the average monthly salary across Russia is only 31,200 rubles ($500), raising the 110 billionaires' share in the nation's wealth disproportionately. India's per capita income (nominal) is $1,500 and average Indians are three times wealthier than average Russians.

Proportion of wealth held by millionaires:

• Russia: 62%
• India: 54%
• UK: 35%
• US: 32%
• Australia: 28%
• Japan: 22%

 

[Vikrant]

In Russia 110 billionaires hold 35% of the country's wealth, meaning that the country has the highest rate of wealth inequality. It's mainly because the average monthly salary across Russia is only 31,200 rubles ($500), raising the 110 billionaires' share in the nation's wealth disproportionately. India's per capita income (nominal) is $1,500 and average Indians are three times wealthier than average Russians.

Proportion of wealth held by millionaires:

• Russia: 62%
• India: 54%
• UK: 35%
• US: 32%
• Australia: 28%
• Japan: 22%

India's wealthy people do not like paying taxes. Well, to be honest, wealthy people in general do not like paying taxes. So they stash their money in Switzerland. Indian government tries to get the Swiss to co-operate but those **** suckers do not because illegal money is how they keep their standard of living high. But that is not the only problem; taxes for wealthy people need to be raised significantly in India. At present, it is no where near what wealthy people pay here in the US. Also a lot of foreigners who work in India get away without paying taxes. Al this results in a net loss for people of India.