India’s Richest Top 9 Have Half of Nation’s Wealth: Oxfam Report

Oxfam report claims the wealth of the top nine richest people in Indian is equal to half of the national wealth.

The Oxfam report highlights the increasing gap between the rich and poor.

(Photo: The Quint)

Video Editor: Vishal Kumar

International charitable organisation Oxfam has released a report which claims that the wealth of the top nine richest people in Indian is equal to half of the national wealth.

As per the Oxfam report:

• In year 2018, the wealth of the top 1% of the rich in the country has increased by 39%.
• The wealth of 50% of India’s poor  has only increased by 3%.

Last year, the wealth of the billionaires in the country has increased by Rs 2,200 crore per day.

As per the report, 13.6 crore Indians are in debt since year 2004. They belong to the 10%  of the country’s poor population.

10% of the population in India has 77.4% of the national wealth. The 1% of India’s rich has around 51.53% of the national wealth in the country.  Whereas 60% of the population just has 4.8% of the national wealth.

Last year, 18 more Indians turned billionaires. This has increased the total of billionaires in the country to 119. The total wealth of these billionaires  has crossed 28 lakh crore rupees. This is the first time this has happened.

Executive Director of Oxfam International Winnie Byanyima said in India, where the poor is struggling for food and medicine for children, the wealth of the rich is continuously growing.

“If the gap between the wealth of the top 1% of the rich and the others in the country continues to grow the country’s social and democratic system will be harmed.”

Winnie Byanyima, Executive Director of Oxfam International

As per the report, in comparison to the kids from the rich families the chances of the  kids from poor families dying before their first birthday is three times higher than others.

Oxfam explains that if the Indian government charges 0.5% more tax on the top 1% of the rich, the government will be able to collect enough money to spend 50% more on the health sector.