India, Jan. 9 -- It is a scary scenario. The richest 10 per cent in the world own nearly 75 per cent of the global wealth, compared to barely two per cent by the poorest 50 per cent. Less than 60,000 at the top of the pyramid control three times more wealth than half of humanity combined. More crucially, the rich contribute "disproportionately little to public finances" because the taxes rise for the bulk of the people, and fall sharply for the millionaires and billionaires. Inequality extends beyond incomes and wealth, and incorporates gender, opportunity, and climate. Women capture a quarter of global labour income.

It is well-known that India ranks high among the inequality indices in most respects. In terms of wealth and incomes, the...