India the Second Most ‘Unequal’ Country in the World: Gini Index [ Current Affairs ]
After Russia India becomes the second most “unequal” country in the world, with more than half of total Indian wealth controlled by millionaires according to the report of Johannesburg-based wealth research firm New World Wealth.
- 54% of India’s wealth is controlled by millionaires. Whereas Russia is the first unequal country with 62% of the total nation controlled by millionaires
- India belongs to the list of 10 richest countries in the world with a total individual wealth of $5,600 billion but the average Indian is quite poor.
- This report has measured all the aspects of person such as:
- Business interests
- Japan is the most “equal” courtly with only 22% of total wealth controlled by millionaires.
- US is surprisingly “equal” with 32% of total wealth of nation.
- Britain is “equal” with 35% of total wealth of nation.
- Along with this Russia has also topped index of proportion of a country’s wealth held by billionaires with 26% wealth held by ballooners.
- And Japan also survives in this index as “equal” with only 3% billionaire controlling the wealth of country.
About Gini Index
- The Gini coefficient or Index measured statistical dispersion intended of the income distribution of a nation’s residents (or measure of inequality).
- Italian statistician and sociologist Corrado Gini developed Index annually.
How Gini Index measures
- Zero = Perfect Equality
- same values= Same Income of Every Person of nation
- 1 = Maximal Inequality
- Published on: September 8, 2016