Richest 10% in India own over 50% of assets: NSS

3 days ago 19
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The richest 10% of Indians own over half of the country's physical and financial assets while the bottom 50% own less than 10%, a recently released government report shows. The All India Debt & Investment Survey, 2019, conducted by the National Sample Survey shows the richest 10% owns 55.7% of the total assets in urban areas and 50.8% in rural areas.
Assets were calculated by putting a monetary value on everything owned by households, including physical assets like land, buildings, livestock and vehicles as well as financial ones like shares in companies, deposits in bank, and post offices, etc.
The survey, conducted from January to December 2019, estimated that the total physical and financial assets owned by people living in the rural areas was to the tune of Rs 274.6 lakh crore of which Rs 139.6 lakh crore was owned by the richest 10%. In rural areas, the top 10% owned assets worth Rs 132.5 lakh crore out a total of Rs 238.1 lakh crore. The bottom 50% owned 10.2% of assets in rural areas and an even smaller 6.2% in urban areas.
The skew is more marked in some states. Within rural areas, where close to two-thirds of India lives, the skew was the highest in Delhi, with the top 10% owning 80.8% of assets and the bottom 50% just 2.1%. This could be because of the high valuation of whatever is left of rural land in the capital's peripheries.
Among large states, after Delhi, asset inequality in rural areas was starkest in Punjab where the richest 10% own over 65% of assets and the bottom 50% just over 5%. Uttarakhand, Madhya Pradesh and Haryana also had pronounced skews in asset ownership in the villages.
Among large states (and UTs), the rural skew was the least in Jammu and Kashmir with the top 10% owning 32% and the bottom half 18%.


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