Much has been written about the rising wealth and prosperity of Indians. All kinds of cliches are in use, devised by the likes of Thomas Friedman. But just how rich are the Indians today? What is the distribution of wealth in India among its 1.2 billion citizens? What is considered rich? What is the income range of middle class households? Here are some statistics from a recent survey that was written up in Open Magazine.
- "Rich" households
$35,000+ per year: 1.3% (16 million people)
- "Middle-class" households
$8,000 to $35,000 per year: 13% (160 million)
- "Aspiring middle-class" households
$3,500 to $8,000 per year: 30% (359 million)
- "Deprived" households
Below $3,500 per year: 57% (684 million)
I wish there had been another category of "Severely deprived" households comprising, say, the bottom 300 million people. I bet the household income there is below $800 per year (~$2/day).
About 170,000 people, or 0.01%, have a net-worth over $1 million. Of these, 25 are dollar billionaires. Read the rest of the report here.