India is the second most unequal country in the world with the top one per cent of the population owning nearly 60 per cent of the total wealth, according to a report.
According to Global Wealth Report 2016 compiled by Credit Suisse Research Institute, the gap between the worlds haves and have-nots does not appear to be getting any narrower and a mere 0.7 per cent of the global population owns nearly half the worlds wealth.
According to report Russia as the worlds most unequal country with a huge 74.5 per cent of the nations wealth controlled by the richest 1 per cent of people.
In India and Thailand the top 1 per cent own 58.4 per cent and 58 per cent of the wealth, while the figure was 47.9 for Brazil and 43.8 for China, the Independent reported.
"While the bottom half collectively own less than 1 per cent of total wealth, the wealthiest top 10 per cent own 89 per cent of all global assets," the report said.
Report Said, "Currently, an estimated 9 per cent of adults globally are net debtors. Our calculations suggest that 80 per cent of adults in India and Africa belong to the bottom half of the global wealth distribution."
Personal wealth in India is dominated by property and other real assets, which make up 86 per cent of estimated household assets, it said. The report said that while wealth has been rising in India, not everyone has shared in this growth.
Indias wealth has grown quite quickly since the turn of the century, except during the global financial crisis, it said.