No. of rich households grows by 12% in 2017: Report

When asked about the divergence, Kotak''s Wealth Management chief executive Jaideep Hansraj said their study has not gone into the inequality aspect.

PTI
New Delhi, Publish Date: Feb 14 2018 12:54AM | Updated Date: Feb 14 2018 12:54AM
No. of rich households grows by 12% in 2017: ReportRepresentational Pic

Amidst the heightened concerns on inequality that has been on a steady climb across the globe in general and particularly in our country, a study has said the number of the rich has grown at a faster clip than their collective networth in the country in 2017.

The number of ultra-high networth households in the country, which represents those with a networth of over Rs 25 crore or more, has grown 12 per cent to over 1.60 lakh in 2017, while their collective networth grew only 5 per cent at Rs 153 trillion, said the study.

Findings of the study, commissioned by Kotak Wealth Management, come even as there are increased concerns on rising inequality, especially after a 2017 paper by economists Thomas Piketty and Lucas Chancel, and also a report by the non-profit Oxfam ahead of the World Economic Forum earlier this year.

While the paper by the French economists argued that the post-1991 reforms have seen a rise in inequality, the Oxfam report said in 2017, top 1 per cent of the population cornered as much as 73 per cent of the wealth generated.

When asked about the divergence, Kotak's Wealth Management chief executive Jaideep Hansraj said their study has not gone into the inequality aspect.

"We've stuck to what we think where these set of ultra high networth households would grow to, will spend their monies and where are they growing, rather than us getting into those issues (of inequality)," he told reporters today. 

Latest News

  1. Omar questions PM Modi's 'silence' over violence against Kashmiris
  2. Omar questions PM Modi's 'silence' over violence against Kashmiris
  1. JK Bank announces new dates for probationary officer and banking associate exams
  2. JK Bank announces new dates for probationary officer and banking associate exams
  1. ICPS establishes help desk for abandoned, unwanted babies at Lal Ded hospital
  2. ICPS establishes help desk for abandoned, unwanted babies at Lal Ded hospital
  1. Winter vacations in Kashmir colleges extended up to Feb 22
  2. Winter vacations in Kashmir colleges extended up to Feb 22
  1. Two Kashmiri shawl vendors attacked on train: Police
  2. Two Kashmiri shawl vendors attacked on train: Police
  1. NIA registers case in Pulwama attack case
  2. NIA registers case in Pulwama attack case
  1. Shutdown called in Chenab Valley tomorrow against Jammu arson
  2. Shutdown called in Chenab Valley tomorrow against Jammu arson
  1. Khurshid Shah to hold additional charge of secretary PHE, Irrigation and Flood Control and DMRRR
  2. Khurshid Shah to hold additional charge of secretary PHE, Irrigation and Flood Control and DMRRR
  1. Missing Kashmir girl traced in Jammu after five days: Police
  2. Missing Kashmir girl traced in Jammu after five days: Police
  1. Jammu and Kashmir govt orders second reshuffle in administration in two days; check list here
  2. Jammu and Kashmir govt orders second reshuffle in administration in two days; check list here
  1. NIA releases money seized from Srinagar businessman in 2017
  2. NIA releases money seized from Srinagar businessman in 2017
  1. Pakistani prisoner allegedly murdered in Jaipur central jail
  2. Pakistani prisoner allegedly murdered in Jaipur central jail
  1. Kashmiris will always uphold their tradition of ensuring safety to outsiders at all costs: Mirwaiz
  2. Kashmiris will always uphold their tradition of ensuring safety to outsiders at all costs: Mirwaiz
  1. Pakistan government spokesperson's personal Twitter account suspended
  2. Pakistan government spokesperson's personal Twitter account suspended
  1. Agra hotels put up notice: ‘Kashmiris not allowed to stay’
  2. Agra hotels put up notice: ‘Kashmiris not allowed to stay’
  1. PDP delegation visits Uttarakhand, says 'satisfied' over safety of Kashmiri students
  2. PDP delegation visits Uttarakhand, says 'satisfied' over safety of Kashmiri students
  1. Mob accosts, beats up Kashmir shawl trader in West Bengal
  2. Mob accosts, beats up Kashmir shawl trader in West Bengal
  1. Seven Kashmiri students suspended by pvt university in Uttarakhand for social media posts
  2. Seven Kashmiri students suspended by pvt university in Uttarakhand for social media posts
  1. Curfew relaxed in entire Jammu city
  2. Curfew relaxed in entire Jammu city
  1. In purported audio clip, Hizb chief Riyaz Naikoo warns of more Pulwama like attacks in Kashmir
  2. In purported audio clip, Hizb chief Riyaz Naikoo warns of more Pulwama like attacks in Kashmir
  1. SC holds Anil Ambani, others guilty of contempt; says 3 months jail if dues not paid to Ericsson
  2. SC holds Anil Ambani, others guilty of contempt; says 3 months jail if dues not paid to Ericsson
  1. Kejriwal asks PM Modi to grant full statehood to Delhi
  2. Kejriwal asks PM Modi to grant full statehood to Delhi
  1. Ex village head in Maharashtra held for 'objectionable' remarks on Pulwama attack
  2. Ex village head in Maharashtra held for 'objectionable' remarks on Pulwama attack
  1. UN asks for escorts for military observers in Kashmir after Pakistan flag incident
  2. UN asks for escorts for military observers in Kashmir after Pakistan flag incident
  1. Secretary PHE Farooq Shah opts for voluntary retirement
  2. Secretary PHE Farooq Shah opts for voluntary retirement
  1. Pulwama attack: UN urges India, Pakistan to defuse tensions
  2. Pulwama attack: UN urges India, Pakistan to defuse tensions
  1. Curfew relaxed in Jammu district for three hours
  2. Curfew relaxed in Jammu district for three hours
  1. Landslides halt traffic on Srinagar-Jammu highway
  2. Landslides halt traffic on Srinagar-Jammu highway
x
This site uses cookies to deliver our services and to show you relevant news and ads. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Service.That's Fine