India’s economic landscape has dramatically transformed in recent years, with a significant increase in the number of billionaires. According to the Hurun Research Institute’s 2024 global rich list, India now has 271 billionaires, with 94 joining the ranks in 2023 alone. This surge in wealth, however, has not benefited the broader population equally, leading to stark income inequality. A recent study by the World Inequality Lab, co-authored by renowned economist Thomas Piketty, reveals that India’s income disparity is now among the highest in the world, surpassing even countries like the United States, Brazil, and South Africa.

The study provides a sobering comparison to India’s colonial past. During British rule, the top 1% of India’s population controlled about 20-21% of the national income. Today, this figure has climbed to 22.6%. The disparity in wealth distribution is even more alarming, with the top 1% now holding 40.1% of the country’s wealth. These statistics indicate that income inequality in contemporary India is more pronounced than it was under colonial rule.

The dramatic rise in the number of billionaires from just one in 1991 to 162 in 2022 underscores the scale of wealth accumulation among the elite. This concentration of wealth among a small group of individuals highlights the growing economic divide in India. The collective wealth of these billionaires now constitutes nearly $1 trillion, or 7% of the world’s total wealth.

The economic boom........

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