Inequality is part of rapid growth.

According to Credit Suisse global wealth has increased by 112% since the year 2000 to $241 trillion. Wealth of Indians has increased by 300%, from $1.2 trillion to $3.6 trillion. The report predicts that global wealth will grow by 40% to $334 trillion by 2018. Just 32 million dollar millionaires own 41% of all assets while 68.7% of people control just 3% of the wealth with assets less than $10,000 each. In India 2.8 million are high net-worth individuals while 90% are below the $10,000 mark. In India the bottom 70% of the population hold 20% of private wealth while in China it is 29%, in the US it is a paltry 7%, in Germany 13% and in Norway the bottom 70% hold 12% of private wealth. It is difficult to know how they have calculated the wealth of Indians. Anyone with income over Rs 180,000 per year should be paying income tax but only 35 million people declare income above that level. At today's rates shopkeepers, artisans, such as plumbers, electricians and masons, maid servants and even beggars earn more than the taxable threshold because it is set so low. However, nobody does. All income from farming is exempt from tax and 50% of the price of any property must be paid in cash or black money. Politicians, business fellows and civil servants cannot declare their main sources of income, which are illegal, so the parallel economy is probably greater than the GDP. The failure of communism and socialism has proved that any economy can grow only through exploitation. Colonialism was pure exploitation of resources of other countries. The attacks on Iraq and Libya were to gain control of their oil reserves. However, western countries are restricted by a vociferous section of their people who object to exploiting the poor. China has no such reservations. Its Communist Party practices a most aggressive form of capitalism where it grabs land and resources from its own people while gifting billions of dollars to dictators to exploit resources of African countries. The stalemate over raising the debt ceiling in the US is being financed by the billionaire Koch brothers while Richard Branson has sold his house in Britain to his children so as not to pay any taxes in his homeland. Only growth with low inflation, low corruption,low birth rate and rigidly controlled election financing can eliminate poverty. Or else inequality will continue to grow.