Credit Suisse: Avg adult in #Pakistan 20% richer than avg adult in #India. Pak median wealth 120% higher than India
http://www.riazhaq.com/2016/11/cs-wealth-report-2016-average-pakistani.html …
Average Pakistani adult is 20% richer than an average Indian adult and the median wealth of a Pakistani adult is 120% higher than that of his or her Indian counterpart, according to Credit Suisse Wealth Report 2016. Average household wealth in Pakistan has grown 2.1% while it has declined 0.8% in India since the end of last year.
Here are the key statistics reported by Credit Suisse:
Total Household Wealth Mid-2016 :
India $3,099 billion Pakistan $524 billion
Wealth per adult:
India Year End 2000 Average $2,036 Median $498.00
Pakistan Year End 2000 Average $2,399 Median $1,025
India Mid-2016 Average $3,835 Median $608
Pakistan Mid-2016 Average $4,595 Median $1,788
Average wealth per adult in Pakistan is $760 more than in India or about 20% higher.
Median wealth per adult in Pakistan is $1,180 more than in India or about 120% higher
Inequality:
Median wealth data indicates that 50% of Pakistanis own more than $1,180 per adult which is 120% more than the $608 per adult owned by 50% of Indians.
The Credit-Suisse report says that the richest 1% of Indians own 58.4% of India's wealth, second only to Russia's at 74.5%. That makes India the 2nd biggest oligarchy in the world.
The CS wealth data, particularly the median wealth figures, clearly show that Pakistan has much lower levels of inequality than India.
World Bank Report:
A November 2016 World Bank report says that Pakistan has successfully translated economic growth into the well-being of its poorest citizens. It says "Pakistan’s recent growth has been accompanied by a staggering fall in poverty".
Rising incomes of the poorest 20% in Pakistan since 2002 have enabled them to enhance their living standards by improving their diets and acquiring television sets, refrigerators, motorcycles, flush toilets, and better housing.
Another recent report titled "From Wealth to Well Being" by Boston Consulting Group (BCG) also found that Pakistan does better than India and China in translating GDP growth to citizens' well-being.
One particular metric BCG report uses is growth-to-well-being coefficient on which Pakistan scores 0.87, higher than India's 0.77 and China's 0.75.
Big Poverty Decline Since 2002:
Using the old national poverty line of $1.90 (ICP 2011 PPP) , set in 2001, the percentage of people living in poverty fell from 34.7 percent in FY02 to 9.3 percent in FY14—a fall of more than 75 percent. Much of the socioeconomic progress reported by the World Bank since 2000 has occurred during President Musharraf's years in office from 2000-2007. It has dramatically slowed or stagnated since 2010.