Global Wealth Soars 9.8%

Published on September 22, 2022
Current Context: Credit Suisse, in its Global Wealth Report 2022 observed that global wealth saw a Year-on-Year (YoY) growth of 9.8% at USD 463.6 trillion in 2021.
Global Wealth Soars 9.8%
  • According to the Global Wealth Report 2022, India witnessed a 12% YoY growth in total household wealth at USD 14,225 billion in 2021.
  • The Report also forecasted that the number of millionaires in India in 2021 (7.96 lakhs) will double in 2026 (16.32 lakhs).
  • The report also suggested that the income inequality in India was highest during the COVID-19 pandemic i.e. 2020 and remained constant in 2021.
  • It mentioned that the Gini Coefficient rose to a massive 82.3 in 2020 and remained the same in 2021. The Gini Coefficient of China for 2021 was 70.1.
  • Gini Coefficient or Gini Index is a measure of inequality based on the Lorenz Curve (proportion of overall income assumed by the cumulative share of the people) and was developed by the statistician Corrado Gini. The Index is expressed from 0 (or Gini Score 0) to 1 (or Gini Score 100). The higher the Index/Score, the higher will be income inequality.
  • Credit Suisse is a global investment bank and financial services company that was founded in 1856 with its headquarters in Zurich, Switzerland. The current CEO of the company is Ulrich K├Ârner.

Question:

Q.1 According to the Global Wealth Report 2022, what was India’s Gini Coefficient in 2021?
a. 82.3
b. 70.1
c. 74.7
d. 81.6

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