I checked two lines randomly and they both seem off big-time.
For instance, it seems there are a million people (top ten lakhs) in India making 1.7m per annum. That cannot be true when the total number of millionaires in India is less than 1m.
Similarly, for GDP of 1.45 bn people to fall by 800 dollars, the top 100 billionaires have to make 1160bn per annum. That number cannot be true as it is 5.1x bigger than the combined net profit of all of India’s listed stocks. Clearly, India’s top 100 richest people cannot be earning 5x more than the combined annual profits of the entire country!
The source seems to be making the classical mistake of confusing a billion dollar networth with a billion dollars annual income!
Difficult to believe when given to see the rush of spending all around!!
Missing the wood for the trees. IMF researchers found that the more money goes to the rich in any country, the slower an economy grows. They concluded: The benefits do not trickle down. In contrast, an increase in the income share of the poor is associated with higher GDP growth.
7 replies on “Indians are Shockingly Poor”
Wrong comparison. It is deducting market cap (wealth) from income.
what is the actual source and backup data for this
if we add unaccounted welath/earnings then we would be shockingly rich 🙂
There can be similar scenario in most countries of the world including the USA , where a similar situation exists
https://apps.urban.org/features/wealth-inequality-charts/
Comment by VS:
That table is shockingly wrong.
I checked two lines randomly and they both seem off big-time.
For instance, it seems there are a million people (top ten lakhs) in India making 1.7m per annum. That cannot be true when the total number of millionaires in India is less than 1m.
Similarly, for GDP of 1.45 bn people to fall by 800 dollars, the top 100 billionaires have to make 1160bn per annum. That number cannot be true as it is 5.1x bigger than the combined net profit of all of India’s listed stocks. Clearly, India’s top 100 richest people cannot be earning 5x more than the combined annual profits of the entire country!
The source seems to be making the classical mistake of confusing a billion dollar networth with a billion dollars annual income!
Difficult to believe when given to see the rush of spending all around!!
Missing the wood for the trees. IMF researchers found that the more money goes to the rich in any country, the slower an economy grows. They concluded: The benefits do not trickle down. In contrast, an increase in the income share of the poor is associated with higher GDP growth.