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iStockRepresentative image New Delhi: The share of the richest 1% in India's wealth grew 62% between 2000 and 2023, according to a report commissioned by the South African Presidency of G20."The median share of wealth for the top 1% across all countries is 27%, seven times that of the bottom 50%," it noted.In China, the wealth share of the richest 1% rose by 54% to 30.2%, the report said. Globally, the wealth share increased in more than half of all countries, which together account for 74% of the world's population.The report did not provide the share of wealth held by the richest in India. According to a World Inequality Lab report, the richest 1% held 40.1% of the wealth in India in 2023. In China, this was 30.2%."Extreme inequality is a choice. It is not inevitable and can be reversed with political will. This can be greatly facilitated by global coordination, and in this regard, the G20 has a critical role," the report said. "Countries with high inequality are seven times more likely to experience democratic decline than more equal countries," it added.Live EventsThe study is authored by the 2025 G20 Extraordinary Committee of Independent Experts on Global Inequality, led by Joseph E Stiglitz, with members Adriana Abdenur, Winnie Byanyima, Jayati Ghosh, Imraan Valodia and Wanga Zembe-Mkabile.Intercountry inequality has declined somewhat, driven by the rise in per capita incomes in populous nations like China and India, which have reduced the share of high-income countries in global GDP, the report noted.The G20 taskforce has called for an International Panel on Inequality (IPI), which will provide governments and multilateral organisations with analysis and guidance in policymaking. Partly, the idea for IPI is inspired by the Intergovernmental Panel on Climate Change (IPCC)."The panel would be a technical body centred on data and policy-relevant analysis (not advocacy). It would not directly conduct research but monitor existing and new research, and assess gaps in knowledge and the availability of quality data," the report mentioned. The income gap between the top 1% and 50% remains high, it said.Over the past 40 years, the average income of individuals in the bottom 50% of the world's population has increased by $358, while the top 1% recorded an increase of $191,000 (in constant 2024 dollar rate), the report said.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onglobal wealth distribution reportG20 report on inequalityinternational panel on inequalityextreme inequality choiceJoseph E Stiglitz G20 reportG20World Inequality Lab (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onglobal wealth distribution reportG20 report on inequalityinternational panel on inequalityextreme inequality choiceJoseph E Stiglitz G20 reportG20World Inequality Lab(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless Prime ExclusivesInvestment IdeasStock Report PlusePaperWealth Edition123View all Stories
