Why people in India are not rich can be understood here.
Most people have more than 60% of their Assets in Real Estate, an asset class generating 2% returns and they do not even spend 1% of their time understanding the problems associated with this asset such as its
Illiquidity besides extremely low yield.
They however spend more than 60% of their time discussing to markets even though less than 10% of their Assets are in Equity
People in India are hence Asset Rich and Cash Poor. They live poor and die rich.