World Inequality Report 2022

Highlights:

• According to the World Inequality Lab, India as one of the unequal countries worldwide. 
• World Inequality Lab, A French lab.
• It has issued its report named "World Inequality Report 2022".
• Lucas Chancel wrote this report, the co-director of World Inequality Lab and French economist Thomas Piketty coordinated it.

• The income gap among the top 10 % and bottom 50 % in India is 1 to 22 in 2021. 
• Among the BRICS nations, South Africa and Brazil have wider income inequalities than India.
• The ratio in the wealthiest nation, the US, is 1 to 17, where the wealthiest ten of the global population owns 52 % of global income.
• On the other hand, the poorest half of the population earns 8.5 % of the global income.
• The report notes that the top 1 % of India's population will own more than one-fifth of the total national income in 2021. 
• The bottom half of the population earns just 13.1 %.
• It shows that India has chosen economic reforms, and liberalization has benefited mainly the top 1 %.
• One percent of most wealthy people in India hold 22% of the total national income in 2021, while the top 10 % own 57 % of the income.
• Based on buying power equality, the average national income of the Indian adult population is Rs. 204,200 in 2021.
• However, the report explained that the average national income masks inequalities.