A new report by Oxfam revealed that India’s wealth is gradually concentrating more and more in the top 1% of the country’s population. Report mentions that India’s top 1% owns 40.5% of the country’s riches. The huge disparity in wealth distribution is due to the fact that wealth created in the last 10 years has gone in the hands of 1% of the entire population.
The Increase In Billionaires
While more than 228 million people suffer due to poverty and lack of basic necessities, India has seen an increase in the list of billionaires. There were 102 billionaires in 2020, which has now increased to 166 in 2022. The report also mentions that the top 10 percent of the population own more than 80 percent of the country’s wealth.
Survival of the Richest
The report titled “Survival of the Richest” claimed that India’s top 100 richest individuals have a total wealth of around $660 billion. The solution, according to the report, is to tax the rich, no matter what. The bottom 50% of the population pays six times more tax than the top 1% of population, the study says.