‘Despite growth, no major India rise in global rich 1%’

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Published on Jul 29, 2016 06:52 AM IST
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LONDON: India has made “no significant incursions” in the top 1% global rich despite rapid economic growth over the past two decades, according to a new study that says more super-rich are coming from emerging economies in recent years.

The study titled “Who are the global top1%?” by Sudhir Anand of the University of Oxford and Paul Segal of King’ s College London look sat the varying for tunes of the global rich from 1988 and 2012 and finds there presentation of developing countries in the global top 1% declined until about 2002, but has risen significantly since 2005. India’s top 0.01% is in the global top 1% in all years, but this top 0.01%, about 126,000 people in 2012, comprised about 0.2% of the global top 1% in all years – too small a share to feature in a table of top 20 countries in the global 1%, it said.

“Thus a rich Indian who can enjoy the real expenditures of the global top 1% in her own country will find her spending power curtailed when she travels to a developed country which maybe three or four times more expensive, when measured at market exchange rates,” the study said.

The study said “India has made no significant incursions into the global top 1%, despite rapid economic growth over the past two decades”.

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