India’s Richest 1% Own More Than 40% of Total Wealth: Oxfam
Oxfam India’s report states that the richest one percent of Indians own more wealth than the poorest fifty percent. The wealth held by the top five percent is 61.7%, nearly 20 times greater than the 3% held by the bottom half.
According to a new Oxfam study released on Monday, the richest one percent of Indians now hold more than 40% of the country’s wealth, while the bottom half of the population collectively holds only 3%.
Oxfam India’s report states that the richest one percent of Indians own more wealth than the poorest fifty percent. The wealth held by the top five percent is 61.7%, nearly 20 times greater than the 3% held by the bottom half.
According to the “Survival of the Richest: The India Supplement”, released by the non-government organisation, wealth inequality becomes more concentrated at the top.
The top 1% of India’s wealthiest people own more than half of the country’s wealth. In 2022, the 100 richest people in India had a total wealth of Rs 54.12 lakh crore while the 10 richest Indians had a total wealth of Rs 27.52 lakh crore, up 32.8% from 2021.
The astronomical rise in inequality:
Between 1981 and 2012, the top 10% of India’s wealth accounted for 63% of the country’s total wealth, up from 45% in 1981. The wealth of the bottom half, on the other hand, decreased by half during the same time period. In addition, the total number of billionaires in India increased from 102 in 2020 to 142 and 166 in 2021 and 2022, respectively. According to the report, f22.89 crore people live in poverty which is the highest in the world.
Unfairness of Taxation:
The poor always bear the brunt of the tax, according to the report. Indirect taxes consume a larger portion of the bottom 50% of earners’ income than the middle 40% and top 10% of earners’ combined. Out of the three groups, the top 10% spend the least amount of money on taxes. The bottom 50% and top 10% of all Goods and Services Tax (GST) collections account for 64 percent and 4 percent, respectively.
Inequality Caused by the Pandemic:
Since the beginning of the Covid-19 pandemic, inequality has increased. The wealth of the top 5% has continued to rise, reaching nearly 62% of India’s total wealth, or about three-fifths of what it was before the pandemic.
The poor cannot afford even the most fundamental necessities:
India’s billionaires are doing extremely well for themselves despite the country’s multiple crises, including hunger, unemployment, inflation, and health problems. In contrast, the poor in India cannot afford even the most fundamental necessities for survival. From 190 million in 2018, the number of hungry Indians increased to 350 million in 2022.
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