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New Delhi, <keyword id="20191902" type="General" weightage="20" keywordseo="inequality" source="keywords">Inequality</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> has skyrocketed since early 2000s, with the income and wealth share of top 1 per cent population rising to 22.6 per cent and 40.1 per cent, respectively, in 2022-23, according to a working paper. The paper titled 'Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj' said between 2014-15 and 2022-23, the rise of top-end inequality has been particularly pronounced in terms of wealth concentration. The paper authored by <keyword id="21027543" type="General" weightage="20" keywordseo="thomas-piketty" source="keywords">Thomas Piketty</keyword> (<keyword id="21028261" type="General" weightage="20" keywordseo="paris-school-of-economics-and-world-inequality-lab" source="keywords">Paris School of Economics and World Inequality Lab</keyword>), <keyword id="21028259" type="General" weightage="20" keywordseo="lucas-chancel" source="keywords">Lucas Chancel</keyword> (Harvard Kennedy School and <keyword id="21028262" type="General" weightage="20" keywordseo="world-inequality-lab" source="keywords">World Inequality Lab</keyword>) and Nitin <keyword id="21028260" type="General" weightage="20" keywordseo="kumar-bharti" source="keywords">Kumar Bharti</keyword> (New York University and World Inequality Lab). "Between 2014-15 and 2022-23, the rise of top-end inequality has been particularly pronounced in terms of wealth concentration. "By 2022-23, top 1 per cent income and wealth shares (22.6 per cent and 40.1 per cent) are at their highest historical levels and India's top 1 per cent income share is among the very highest in the world, higher than even South Africa, Brazil, and the US," the paper said. According to the paper, the Indian income tax system might be regressive when viewed from the lens of net wealth. "A restructuring of the tax code to account for both income and wealth, and broad-based public investments in health, education and nutrition are needed to enable the average Indian, and not just the elites, to meaningfully benefit from the ongoing wave of globalisation," it noted. As per the paper, besides serving as a tool to fight inequality, a "super tax" of 2 per cent on the net wealth of the 167 wealthiest families in 2022-23 would yield 0.5 per cent of national income in revenues and create valuable fiscal space to facilitate such investments. The paper said the quality of economic data in India is notably poor and has seen a decline recently. It said India's top 1 per cent population's income share appears to be among the highest in the world "behind only perhaps Peru, Yemen and a couple of other small countries". "In terms of top wealth shares, we see that both with top 10 per cent and top 1 per cent, India comes out in the middle of the pack, with Brazil, and South Africa standing out with their extreme wealth concentration levels (85.6 per cent and 79.7 per cent top 10 per cent shares, respectively)," the paper said.

Inequality rising since 2000s, top 1% in India holds 40% wealth, says study

<ul class="summary-list"><li>It's no secret there's <keyword id="11893571" type="UNKNOWN" weightage="60" keywordseo="inequality" source="Orion">inequality</keyword> across the <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>, but a huge new report shows just how much.</li><li>The 2022 World Inequality Report demolishes the myth that tax cuts for the rich will trickle down.</li></ul>Inequality has remained persistently high for decades, and a new report shows just how stark the divide is between the richest and poorest people on the planet. The 2022 <a href="https://wir2022.wid.world/">World Inequality Report</a>, a huge undertaking coordinated by economic and inequality experts Lucas Chancel, <keyword id="12690585" type="UNKNOWN" weightage="60" keywordseo="thomas-piketty" source="Orion">Thomas Piketty</keyword>, Emmanuel Saez, and Gabriel Zucman, was the product of four years of research and produced an unprecedented data set on just how wealth is distributed."The world is marked by a very high level of <keyword id="11985113" type="UNKNOWN" weightage="60" keywordseo="income-inequality" source="Orion">income inequality</keyword> and an extreme level of wealth inequality," the authors wrote. The data serves as a complete rebuke of the trickle-down economic theory, which posits that cutting taxes on the rich will "trickle down" to those below, with the cuts eventually benefiting everyone. In America, trickle-down was exemplified by <a href="https://www.npr.org/2011/09/21/140662014/new-republic-how-did-trickle-down-get-acceptable">President Ronald Reagan's</a> tax slashes. It's a theory that <a href="https://www.businessinsider.com/democrats-want-end-reagonomics-trickle-down-infrastructure-except-dozen-moderates-2021-10">persists today</a>, even though most research <a href="https://www.businessinsider.com/tax-cuts-rich-trickle-down-income-inequality-study-2020-12">has shown</a> that 50 years of tax cuts benefits the wealthy and worsens inequality.The researchers are some of the leading minds on inequality in the entire field of economics. Chancel is the co-director of the World Inequality Lab, while Saez and Zucman have <a href="https://www.businessinsider.com/how-gabriel-zucman-made-a-wealth-tax-popular-in-america-2019-12">literally written a book</a> on the rich dodging taxes and helped create <keyword id="12100837" type="UNKNOWN" weightage="60" keywordseo="wealth-tax" source="Orion">wealth tax</keyword> proposals for senators like Elizabeth Warren and Bernie Sanders. <a href="https://www.businessinsider.com/income-inequality-us-economy-chart-thomas-piketty-2018-9"></a><a href="https://www.businessinsider.com/income-inequality-us-economy-chart-thomas-piketty-2018-9">Piketty</a>, who was Zucman's doctoral adviser, wrote the tome "<a href="https://www.businessinsider.com/reviews/out?asin=0674979850&amp;platform=browser&amp;postSource=bi%7C5de91abcfd9db23d7e486a78&amp;postTag=biauto-41667-20&amp;sc=false&amp;type=AMAZON-AFFILIATE-LINK&amp;u=https%3A%2F%2Fwww.amazon.com%2Fdp%2F0674979850%3Ftag%3Dbiauto-41667-20&amp;tag=bisafetynet2-20">Capital in the 21st Century</a>" which used an unprecedented data set going back to the French Revolution to expose how centuries of growing wealth inequality was a feature of capitalism, not a bug. The World Inequality Report was his effort to do the same for recent history.They argue in the new report that the last two decades of wealth data show that "inequality is a political choice, not an inevitability."For instance, when it comes to wealth, which accounts for the values of assets people hold, researchers found that the "poorest half of the global population barely owns any wealth at all." That bottom half owns just 2% of total wealth. That means that the top half of the world holds 98% of the world's wealth, and that gets even more concentrated the wealthier you get.Indeed, the richest 10% of the world's population hold 76%, or two-thirds of all wealth. That means the 517 million people who make up the top hold vastly more than the 2.5 billion who make up the bottom. The world's policy choices have led to wealth trickling up rather than down. One group in particular has seen its share of global wealth swell.<h2>Billionaires now hold a 3% share of global wealth, up from 1% in 1995</h2>The report notes that "2020 marked the steepest increase in global billionaires' share of wealth on record." Broadly, the number of billionaires rose to a record-number in 2020, with Wealth-X <a href="https://www.businessinsider.com/number-of-billionaires-in-world-grew-pandemic-wealth-tax-2021-9">finding</a> that there are now over 3,000 members of the three-comma club. Billionaire gains are a well-documented trend: The left-leaning Institute for Policy Studies and Americans for Tax Fairness <a href="https://www.businessinsider.com/american-billionaires-add-21-trillion-to-fortunes-during-pandemic-2021-10">found</a> that Americans added $2.1 trillion to their wealth during the pandemic, a 70% increase. So what could work better than the current system? As the authors note, there's been a renewed interest in taxing wealth during the pandemic: "It would be completely unreasonable not to ask more to top wealth-holders in the future, especially in light of the social, developmental and environmental challenges ahead."For the authors, that means expanding <keyword id="12136586" type="UNKNOWN" weightage="60" keywordseo="wealth-taxes" source="Orion">wealth taxes</keyword> like property taxes to all different types of wealth, and to make taxes progressive — meaning they increase with net worth. The US has seen proposals from leading progressives like Sen. Elizabeth Warren and Sen. Ron Wyden that would respectively tax billionaire wealth outright, or tax the gains their assets see. But <a href="https://www.businessinsider.com/democrats-ditch-billionaire-tax-proposal-says-house-tax-writer-report-2021-10">neither is moving forward</a>.

A huge study of 20 years of global wealth demolishes the myth of 'trickle-down' and shows the rich are taking most of the gains for themselves

<ul class="summary-list"><li>The 2022 Word Inequality Report says the richest own more than 75% of global <keyword id="11921347" type="UNKNOWN" weightage="60" keywordseo="wealth" source="Orion">wealth</keyword>. The poorest own 2%.</li><li>Over the past two decades, the <keyword id="11899771" type="UNKNOWN" weightage="60" keywordseo="income" source="Orion">income</keyword> gap between the top 10% and bottom 50% has nearly doubled.</li></ul>In 2021, the average adult worldwide makes $23,380 and owns $102,600 in net worth.Someone in the top 10% of the global income distribution makes $122,100 per year.And someone from the poorest half of the world makes just $3,920 per year. This is according to <a href="https://wir2022.wid.world/">a massive new World Inequality report</a> by a team of economists coordinated by Lucas Chancel, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman that confirmed the wealth global <keyword id="11930037" type="UNKNOWN" weightage="60" keywordseo="wealth-gap" source="Orion">wealth gap</keyword> is only getting bigger. Researchers calculated these dollar averages in terms of PPP, or purchasing power parity, an economic theory that allows the purchasing power of different currencies to be compared. To be sure, these average incomes may be misleading given that the rich minority own most of the world's income while the poorest are responsible for a slim percentage of it. In percentage terms, the world's richest 10% far exceeds that of the poorest 50%, taking home more than half of global income. The poorest half only earns 8%. And researchers pointed at that wealth inequality — as opposed to income — are even more stark. "The poorest half of the global population barely owns any wealth at all, possessing just 2% of the total. In contrast, the richest 10% of the global population own 76% of all wealth."They summed it up glumly: "The bottom 50 percent own almost nothing."<h2>The divide between the rich and the poor is getting worse in some countries — and it's a political choice to let it </h2>Over the past two decades, the income gap between the top 10% and bottom 50% has nearly doubled, the team, which includes economist Thomas Piketty, writes.20 years ago, members of the highest global income bracket made 8.5 times as much as those in the lowest one. Now they make 15 times as much. The report ultimately found that these disparities weren't unavoidable. Even though inequality is global, certain countries experienced much greater increases in their wealth gaps than others: namely, the United States, Russia, and India. Others, like European countries and China, experienced relatively smaller increases in inequality. The US, for example, has seen inequality grow between the richest and the middle class due to massive debt loads — largely mortgages and student debt, according to the report."These differences… confirm that inequality is not inevitable, it is a political choice," the report says.

Here's how much the world's wealthiest, middle class, and poorest make in a year

<ul class="summary-list"><li>French economist <keyword id="12690585" type="UNKNOWN" weightage="60" keywordseo="thomas-piketty" source="Orion">Thomas Piketty</keyword> is one of the world's leading researchers on wealth <keyword id="11893571" type="UNKNOWN" weightage="60" keywordseo="inequality" source="Orion">inequality</keyword>.</li><li>In a new interview with The New York Times, he discussed taxing the wealthy and a movement towards equality.</li></ul>French economist Thomas Piketty literally wrote the book on inequality.Piketty is the author of "<a href="https://www.businessinsider.com/reviews/out?asin=0674979850&amp;originalTag=bisafetynet2-20&amp;platform=browser&amp;postSource=bi%7C61af723490373e24f06717e7&amp;postTag=bisafetynet2-20&amp;sc=false&amp;type=AMAZON-AFFILIATE-LINK&amp;u=https%3A%2F%2Fwww.amazon.com%2Fdp%2F0674979850%3Ftag%3Dbisafetynet2-20&amp;sessionid=1649079916467vzmr2cgh&amp;tag=bisafetynet2-20" rel="nofollow sponsored noindex">Capital in the 21st Century</a>," which chronicles how inequality has grown under capitalism, using data that goes back to the French Revolution. Now, Piketty is preparing to release another book — and he's weighing in on recent proposals to tax some of America's wealthiest.In an interview about Piketty's upcoming book, "A Brief History of Equality," The New York Times' David Marchese <a href="https://www.nytimes.com/interactive/2022/04/03/magazine/thomas-piketty-interview.html">asked</a> the economist about President Joe Biden's proposal to tax billionaires' incomes — including the rising value of assets like stocks. Piketty said that it would've "been better" for Biden to propose it prior to his election: "If you had told the American public before the elections that he wanted a <keyword id="12100837" type="UNKNOWN" weightage="60" keywordseo="wealth-tax" source="Orion">wealth tax</keyword> — which again is something that is very high in opinion polls — this would have been much easier," he told the Times, since that would've made Congress "take a stand."Piketty said that it's "more complicated" today. "But if it works, it's better than nothing."Biden's proposal, which the administration calls the "<a href="https://www.businessinsider.com/biden-wants-tax-billionaires-wealth-including-stock-gains-2022-3">Billionaire Minimum Income Tax</a>," would target households with over $100 million. It would institute a minimum income tax of 20% on billionaires — and that income includes what's called "<a href="https://www.businessinsider.com/biden-billionaire-income-tax-could-look-like-withholding-on-paychecks-2022-3">unrealized gains</a>." The <keyword id="11908406" type="UNKNOWN" weightage="60" keywordseo="biden-administration" source="Orion">Biden administration</keyword> is defining income not just as paychecks that the ultrawealthy might be getting from work, but as the value their assets — like stock or real estate — rise during the year. Since the ultra-wealthy amass more of their fortunes from these assets, rather than a salary, they pay a <a href="https://www.businessinsider.com/biden-billionaire-tax-plan-rich-smaller-share-workers-wealth-assets-2022-3">lower effective tax rate</a> than most working Americans.Piketty helped coordinate the 2022 <a href="https://wir2022.wid.world/">World Inequality Report</a>, which busted the myth of <a href="https://www.businessinsider.com/how-bad-is-inequality-trickle-down-economics-thomas-piketty-economists-2021-12">"trickle-down"</a> — that tax cuts for the rich will eventually "trickle down" to the poorer classes below — by exposing just how extreme the divide is between the richest and poorest. That report used four years of data and research to show that the top half holds about 98% of the world's wealth, with even higher concentrations the further up you rise in tax brackets — the top 10% alone holds 76% of the world's wealth. That leaves the bottom half with 2% of the world's wealth. Piketty and fellow inequality researchers experts Lucas Chancel, Emmanuel Saez, and Gabriel Zucman, argue in the report that "inequality is a political choice, not an inevitability."And Piketty's newest book, which the Times interviewed him about, shows that "we have been moving toward greater equality" over time, <a href="https://www.hup.harvard.edu/catalog.php?isbn=9780674273559">according to the book's description</a>. While that may be seem at odds with Piketty's research, he points out the <a href="https://www.businessinsider.com/over-half-americans-see-wealth-tax-as-way-solve-inequality-2021-4">popularity of higher taxes on the wealthiest</a>.He also noted that America's "period of maximum prosperity" was when the top-income tax rate reached around <a href="https://fred.stlouisfed.org/series/IITTRHB">80 and 90%</a> in the 1950s and 1960s. During that time, the US also had a leg up in terms of educational attainment (something which is increasingly harder to afford, with the <a href="https://www.businessinsider.com/student-loan-payment-pause-great-uncertainty-education-department-biden-budget-2022-3">student loan crisis</a> still mounting).When asked about his optimism for moving towards greater equality, Piketty told the Times that he remembered talking to Elizabeth Warren in 2014 about a potential progressive wealth tax on billionaires of 5% or 10% annually."She looked at me like, Wow, that's too much," Piketty recollected to the Times. Warren is currently a leading <a href="https://www.businessinsider.com/democrats-propose-ultra-millionaire-tax-on-wealthiest-americans-2021-3">proponent of an outright wealth tax</a>, proposing a 2-3% tax on America's wealthiest."Joe Biden today, a centrist Democrat — who voted for the Tax Reform Act of 1986 — is coming in with a wealth tax," Piketty told the Times. "Things can change pretty fast."

Biden's billionaires tax is 'better than nothing,' says leading wealth inequality researcher Thomas Piketty

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li>French economist Thomas Piketty, best known for "Capital in the 21st Century," has been speaking for the past year about findings from the 2018 World Inequality Report, which he coauthored.</li><li>He said that the "most striking" finding regarding America from the report is that, since 1980, "the rise of the top 1% mirrors the fall of the bottom 50%."</li><li>This article is part of Business Insider's ongoing series on&#xa0;<a href="https://www.businessinsider.com/better-capitalism">Better Capitalism</a>.</li></ul>French economist Thomas Piketty is one of the world's leading researchers of global income and wealth inequality, and became well-known in the United States when the English translation of his book "<a href="https://www.amazon.com/Capital-Twenty-First-Century-Thomas-Piketty/dp/0674979850/ref=tmm_pap_swatch_0">Capital in the 21st Century</a>" became a surprise bestseller. His work has since informed nearly all subsequent studies on the subject.For the past year, Piketty has been speaking about the <a href="https://wir2018.wid.world/">2018 World Inequality Report</a>, published by the Paris School of Economics' <a href="https://wid.world/">World Inequality Lab</a> last December. Piketty coauthored the report alongside Facundo Alvaredo, Lucas Chancel, Emmanuel Saez, and Gabriel Zucman.In his talks in the US, Piketty has paid special attention to the following chart, which shows what he and his coauthors called "perhaps the most striking development in the United States economy over the last four decades."The authors write that "the incomes of the top 1% collectively made up 11% of national income in 1980, but now constitute above 20% of national income, while the 20% of US national income that was attributable to the bottom 50% in 1980 has fallen to just 12% today."Further, "while average pre-tax income for the bottom 50% has stagnated at around $16,000 since 1980, the top 1% has experienced 300% growth in their incomes to approximately $1,340,000 in 2014. This has increased the average earnings differential between the top 1% and the bottom 50% from 27 times in 1980 to 81 times today."And while inequality has risen simultaneously in Europe, this particular rise of the top 1% paralleling the fall of the bottom 50%&#xa0; is unique to the US. For the past 40 years, when the economy has grown in the US, an increasingly smaller percentage of Americans capture that growth.<div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/blackrock-rick-rieder-waze-epiphany-changing-our-economy-2018-4">BlackRock's $1.8 trillion bond chief shares an epiphany he had that reshaped his entire economic outlook</a></h3> <div> </div> </div></hr>

You Searched For "lucas chancel" and got 5 results

Inequality rising since 2000s, top 1% in India holds 40% wealth, says study

PTI

A huge study of 20 years of global wealth demolishes the myth of 'trickle-down' and shows the rich are taking most of the gains for themselves

Juliana Kaplan,Andy Kiersz

Here's how much the world's wealthiest, middle class, and poorest make in a year

Jason Lalljee

Biden's billionaires tax is 'better than nothing,' says leading wealth inequality researcher Thomas Piketty

Juliana Kaplan

A simple chart shows what some economists consider to be the 'most striking development' in 40 years of the US economy

Richard Feloni

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