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World Inequality Report 2022

World Inequality Report 2022:

France-based World Inequality Lab published its report titled “World Inequality Report 2022”.

  • This report was authored by Lucas Chancel, who is the co-director of World Inequality Lab.
  • It was coordinated by famed French economist Thomas Piketty.
  • Report notes that, top 1 % of the India’s population owns more than one-fifth of the total national income in 2021.
  • The bottom half of the population earns just 13.1 per cent.
  • It highlights that, economic reforms and liberalization that India has adopted, have mostly benefited the top 1 percent.
  • Report identifies India as a poor and an unequal country, with an affluent elite.
  • 1 percent richest people in India hold 22% of the total national income in 2021, while the top 10 % owns 57 per cent of the income.
  • Average national income of the Indian adult population is Rs 204,200 in 2021, on the basis of purchasing power parity.
  • However, report clarified that average national income of a country masks inequalities.
  • The income gap between top 10 percent and bottom 50 percent in India is 1 to 22 in 2021.
  • The report noted India as one of the most unequal countries worldwide.