this post was submitted on 26 Jun 2024
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It's an interesting stat. Is this individuals or households? Is it "head of household" or is it also counting minors?
Regardless, there's enormous disparity.
The median wealth in India, according to Wikipedia, is $3755. There's probably hundreds of millions of people there who fall into the less than $380 category.
Again, Wikipedia, but Africa has just over 700M inhabitants with a median $1242 wealth. That's $879B. For everyone on the continent. 8 people have 1.5X more wealth than an entire continent full of people.
But maybe it's not 3.6B people. Maybe it's 3B or only 2B people. It's still not OK.
In the first place, looking at wealth is pointless. I could make a thousand dollars a day and as long as I spend them immediately on services, (e.g. permanently living in an expensive hotel, renting a supercar) I could have net worth of $0 while living like a king. On the other hand, a struggling business owner may have millions in equipment and still have trouble putting food on the table. "Wealth" is not a good indicator of anything.