{"id":114466,"date":"2021-06-24T10:56:17","date_gmt":"2021-06-24T05:26:17","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=114466"},"modified":"2021-06-24T10:56:17","modified_gmt":"2021-06-24T05:26:17","slug":"covid-leaves-indian-adults-poorer-by-6-1-in-2020-credit-suisse","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/covid-leaves-indian-adults-poorer-by-6-1-in-2020-credit-suisse\/","title":{"rendered":"Covid leaves Indian adults poorer by 6.1% in 2020: Credit Suisse"},"content":{"rendered":"\n<h5><b><span data-contrast=\"none\">What is the News?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<p><span data-contrast=\"none\">Credit Suisse has released a report titled Global Wealth Report 2021.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">Key Takeaways from the Global Wealth Report 2021:<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h5><b><span data-contrast=\"none\">Report on Global Wealth:<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"314\" data-aria-level=\"1\"><b><span data-contrast=\"none\">The aggregate global wealth\u00a0<\/span><\/b><span data-contrast=\"none\">has risen by $28.7 trillion to reach $418.3 trillion at the end of 2020 despite the pandemic.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"315\" data-aria-level=\"1\"><b><span data-contrast=\"none\">In terms of current US dollars<\/span><\/b><span data-contrast=\"none\">, total wealth grew by 7.4% and wealth per adult was up 6.0%.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"316\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Gini coefficient<\/span><\/b><span data-contrast=\"none\">\u00a0\u2014 a broad-based measure of inequality has increased in most of the countries except in the US, where it fell marginally.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"317\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Developed regions<\/span><\/b><span data-contrast=\"none\">\u00a0were better off in 2020.Total wealth has increased by $12.4 trillion in North America and by $9.2 trillion in Europe.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"none\">Report on India:<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h5><b><span data-contrast=\"none\">Covid-19 Impact on Indian Adults:<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"318\" data-aria-level=\"1\"><b><span data-contrast=\"none\">The Covid-19 pandemic\u00a0<\/span><\/b><span data-contrast=\"none\">has left the Indian adults poorer by 6.1% in 2020.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"319\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Wealth per Indian adult\u00a0<\/span><\/b><span data-contrast=\"none\">in 2020 has dropped to $14,252 by 2020-end compared to pre-pandemic\u00a0levels.On\u00a0a cumulative basis, the drop in the wealth of Indian adults at $594 billion.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"320\" data-aria-level=\"1\"><b><span data-contrast=\"none\">The drop in the wealth of Indian adults<\/span><\/b><span data-contrast=\"none\">\u00a0in 2020 was amplified by exchange rate depreciation: at fixed exchange rates.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"321\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Moreover,\u00a0<\/span><\/b><span data-contrast=\"none\">in real terms, the average wealth level in India in 2020 was at a level seen in the United States 70 years ago.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"322\" data-aria-level=\"1\"><b><span data-contrast=\"none\">However,\u00a0<\/span><\/b><span data-contrast=\"none\">in the next five years, wealth per Indian adult will surge past $20,000, a rise of over 40%.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<h5><b><span data-contrast=\"none\">India\u2019s Wealthiest:<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"323\" data-aria-level=\"1\"><b><span data-contrast=\"none\">India\u2019s wealthiest\u00a0<\/span><\/b><span data-contrast=\"none\">has seen their share in the country&#8217;s wealth rise in 2020 even though overall wealth in India declined.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"324\" data-aria-level=\"1\"><b><span data-contrast=\"none\">The wealth share\u00a0<\/span><\/b><span data-contrast=\"none\">of the top 1% went up from 39.5% in 2019 to 40.5% at the end of 2020.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<h5><b><span data-contrast=\"none\">Gini Coefficient of India:<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"325\" data-aria-level=\"1\"><b><span data-contrast=\"none\">India\u2019s Gini coefficient<\/span><\/b><span data-contrast=\"none\">, a measure of the distribution of income across the population has increased from 74.7 in 2000 to 82.0 in 2019 and reached 82.3 at the end of 2020.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"326\" data-aria-level=\"1\"><b><span data-contrast=\"none\">However,\u00a0<\/span><\/b><span data-contrast=\"none\">India has done less badly than China on its Gini coefficient as China has seen a sharper concentration in 2020.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"none\">What is the Gini Coefficient and why is it not a good indicator to measure inequality?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"327\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Gini coefficient\u00a0<\/span><\/b><span data-contrast=\"none\">is widely used to track wealth\u00a0distribution.A\u00a0higher Gini index indicates greater inequality.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"328\" data-aria-level=\"1\"><b><span data-contrast=\"none\">However, the formula it uses<\/span><\/b><span data-contrast=\"none\">, such as large aggregations of people as data inputs, simply lacks sensitivity to cases of a disproportionate share of wealth held by very few people.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"329\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Hence, it fails\u00a0<\/span><\/b><span data-contrast=\"none\">to adequately reflect changes in financial status if wealth levels at the bottom are negligible to begin with.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"330\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Therefore<\/span><\/b><span data-contrast=\"none\">, a tiny change recorded in India\u2019s Gini Coefficient for 2020 should not be taken as an assurance that covid did not widen our gaps of well-being by much.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"42\" aria-setsize=\"-1\" data-aria-posinset=\"331\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Most evidence<\/span><\/b><span data-contrast=\"none\">\u00a0points to millions having been pushed into poverty, even as owners of corporate equity saw their net worth go up as stock markets boomed.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"none\">Source:\u00a0<\/span><\/b><a href=\"https:\/\/www.business-standard.com\/article\/economy-policy\/covid-leaves-indian-adults-poorer-by-6-1-in-2020-credit-suisse-121062200803_1.html\"><b><span data-contrast=\"none\">Business Standard<\/span><\/b><\/a><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the News?\u00a0 Credit Suisse has released a report titled Global Wealth Report 2021.\u00a0 Key Takeaways from the Global Wealth Report 2021:\u00a0 Report on Global Wealth:\u00a0 The aggregate global wealth\u00a0has risen by $28.7 trillion to reach $418.3 trillion at the end of 2020 despite the pandemic.\u00a0 In terms of current US dollars, total wealth&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/covid-leaves-indian-adults-poorer-by-6-1-in-2020-credit-suisse\/\">Continue reading <span class=\"screen-reader-text\">Covid leaves Indian adults poorer by 6.1% in 2020: Credit Suisse<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,8043,9],"tags":[],"class_list":["post-114466","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-current-affairs-cat","category-public","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704868914},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/114466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=114466"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/114466\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=114466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=114466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=114466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}