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Richest 1% own 58% of total wealth in India: Oxfam
January 24 , 2018
2548 days
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- According to the report titled ‘Reward Work, Not Wealth’ The richest 1 per cent in India cornered 73 per cent of the wealth generated in the country in 2017.
- Wealth of India's richest 1% increased by over Rs.20.9 lakh crore during 2017, an amount equivalent to total budget of the central govt. in 2017-18.
- Besides, 67 crore Indians comprising the population’s poorest half saw their wealth rise by just 1 per cent which shows the worrying picture of rising income inequality.
- In 2017 India saw 17 new Billionaires. By this total number of Billionaires in India has been increased to 101.
- Globally, 82% of the wealth generated in 2017 worldwide went to the 1%, while 3.7 billion people that account for the poorest half of population saw no increase in their wealth.
- The survey was released by the international rights group Oxfam .
- The data sources for the Oxfam report include
- Forbes' Billionaire List 2017,
- World Bank data, and
- last year's edition of Credit Suisse's Global Wealth Data book.
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