Oxfam Report, 5% People Own more than 60% of India’s Total Wealth

BUSINESS

According to Oxfam India’s report on inequality in India, which was released on Monday, only 5% of Indians own more than 60% of the country’s wealth, while the lowest 50% of the population owns only 3%.

“Survival of the Richest:” the report According to “The India Story,” the number of billionaires in India increased from 102 in 2020 to 166 in 2022, with just 1% of the population receiving 40% of the wealth created in the country between 2012 and 2021. Only 3% of the wealth was distributed to the poorest 50% of the population.

According to the report, the 100 richest people in India have a combined wealth of $660 billion, which could pay for the entire Union Budget for more than 18 months.

Amitabh Behar, Oxfam India’s CEO said that, 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 people in India cannot afford some of the most necessary things for survival. According to the Union Government’s submission to the Supreme Court, widespread hunger will account for 65% of children’s deaths in 2022.

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According to Oxfam, India has the highest number of poor people in the world, with 228.9 million. However, from 102 billionaires in 2020 to 166 billionaires in 2022, India’s total number of billionaires rose.