In purchasing power parity (PPP) terms, India is now the world’s third largest economy — surpassing Japan.
By Ankit Panda
In a sliver of good economic news during an Indian election that is widely focused on economic growth, the World Bank announced in a report on Tuesday that India overtook Japan as the world’s third largest economy in terms of purchasing power parity (PPP). According to the World Bank’s International Comparison Program (ICP) data, India holds a 6.4 percent share of global GDP on a PPP basis. The United States remains in first place with a 17.1 percent share and China trails it at 14.9 percent. Japan, while still the world’s third largest economy in nominal terms, holds a 4.8 percent share of global wealth.
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Oxfam: Richest 1% own nearly half of world’s wealth
The richest 1% own 46% of global wealth
Almost half of the world’s wealth is owned by just 1% of the world’s population, according to a report published just days before the start of the World Economic Forum’s annual meeting, where the topic of rapidly increasing income disparities will be a major focus.
In its study titled “Working for the Few,” the British-founded development charity Oxfam concludes that the $110 trillion wealth of the 1% richest people on the planet is some 65 times the total wealth of those floundering at the “bottom half” of the world’s population.
Further, this poorer “bottom half” now has about the same amount of money as the richest 85 people in the world, and the wealthiest grew their share of bounty in 24 out of 26 countries surveyed between 1980 and 2012, the study says. The research was compiled using data from Credit Suisse’s World Wealth report and the Forbes’ billionaires list.
“In the last 30 thirty years seven out of 10 people have been living in countries where economic inequality has increased,” Nick Galasso, one of the co-authors of the study, told USA TODAY. “This is a trend that has been unfolding globally for the last two or three decades. What we’ve not seen is any political will toward curbing it.”
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