Economic Inequality in India and Pakistan
Top 1% of Indians own 58% of wealth in India, according to a recent report by Oxfam as published by Wall Street Journal . The report said the global average for wealth ownership of the top 1% is 51%. Source: Oxfam The income and wealth concentration in the hands of the richest top 1% skews the average per capita incomes and makes the material well-being of average citizen look better than it is. The best way to measure how well or poorly an average citizen is doing is to look at the median income and wealth, not the average or mean. The median income reflects how much the person at the 50th percentile of the income distribution earns, giving us a better picture of the well-being of a “typical” individual in a given country. Similarly, median wealth represents how much wealth a person at the 50th percentile of the wealth distribution has accumulated. Median Incomes in South Asia: Centre for Global Development has estimated 2014 median incomes ...