Sunday, May 19, 2024

IndiaSpend: Wealth of 10 richest Indians combined equal to 4 state cconomies & 6 ministries

The wealth of the 10 richest Indians combined are equal to the gross state domestic product (GSDP) of four Indian states and six government ministries, according to an IndiaSpend analysis of government data.

According to the January 2019 Oxfam report on global inequality, the top 1% owns 52% of India’s national wealth and the bottom 60% own only 5%.

The 10 richest Indians now own wealth equivalent to bottom 50% of the country.

Reports and analyses say that India it is in the hands of nine individuals or 0.000000075% of India’s population of 1.2 billion.

Comparison Of Net Worth With States’ Gross Domestic Product, 2017-18
BillionaireNet Worth (in Rs crore)StateGSDP (in Rs crore)
Mukesh Ambani331525Odisha346294
Pallonji Mistry110041Himachal Pradesh109564
Shiv Nadar102331Jharkhand203358
Dilip Shanghvi88313Meghalaya24202

Source: ForbesMinistry of Statistics

Comparison Of Personal Net Worth with Budgets Of Government Ministries, 2017-18
BillionaireNet Worth (in Rs crore)MinistryBudget Estimate (in Rs crore)
Azim Premji1,47,189Ministry of Consumer Affairs, Food and Public Distribution1,54,231
Lakshmi Mittal1,28,264Ministry of Road Transport and Highways64,900
Hinduja Brothers1,26,162Ministry of Home Affairs97,187
Godrej family98126Ministry of Health and Family Welfare48,852
Kumar Mangalam Birla87612Ministry of Women and Child Development22,094
Gautam Adani83407Ministry of Drinking Water and Sanitation20,010

Source: ForbesFinance Ministry

Reliance Industries Chairman  Mukesh Ambani had a net worth of Rs 3.3 lakh crore, which is 95% of Odisha’s GSDP for 2017-18, according to India Spend analysis, which used data from the Forbes billionaire ranking, the central statistical office and budget 2017-18.

Read the India Spend article here :


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