Are Indian People Rich?

Are Indians Rich?: Are Indian People Rich?

Who says that India is a poor country? Of course India is a developing country and many people in India are poor but well, it doesn’t mean that people of India are not rich. Just go to the list of 24 Richest people of India according to Forbes 2009.

All of these people are billionaires. Now, you will tell me that, well these are just 24 people than what about the rest of the country? There are 1 Billion people in India. What about them?

Well, Do you know that, India is the largest consumer of gold in the world. And Indians literally buy tonnes of gold every year. Right now when I am writing this article, Indians own around 15,000 tones of gold and among this gold around more than 95% of the gold is in private hands.

Indian government owns less than 5% of this gold. In countries like USA, people own less than 5% of gold while the government owns more than 95% of the gold. But in India the scenario is different. In western countries, taking a debt to buy anything is a common practice.

While in countries like India, people still love to collect this precious asset class. This means that Indians understand and know the value of acquiring assets since centuries. They know the fact that the gold will remain the precious asset class forever.

Now suppose if the Indians sell this 95% of Gold than they can buy and sell whole the New York city for more than 3 times. Now, How can anyone say that Indians are poor?

People of India are not at all poor. Of course, several people are living below the poverty line. But it doesn’t mean that people from all over the India are poor.