India’s 1 per cent holds 73 per cent of the country’s wealth

In a show of worsening income inequality, a new survey proved that the richest 1 per cent in India cornered 73% of the wealth generated in the country. Additionally, the survey, released by the international rights group Oxfam, concluded that the wealth of 67 crore Indians, making up the population’s poorest, rose by just 1 per cent.

The global situation is even grimmer, where 82 per cent of the wealth generated worldwide went to the 1 percent, while 3.7 billon people, accounting for the poorest half, saw zero increase in their wealth. Last year, however, India’s richest 1 per cent held 58% of the country’s total wealth, higher than the global 50.This annual Oxfam survey is discussed in detail at the World Economic Forum Annual meeting, under the topic of rising income and gender inequality.

According to this year’s survey, the wealth of the richest 1 per cent in India increased by over 20.9 lakh crore during 2017.”2017 saw an unprecedented increase in the number of billionaires, at a rate of one every two days. Billionaire wealth has risen by an average of 13 per cent a year since 2010 — six times faster than the wages of ordinary workers, which have risen by a yearly average of just 2 per cent,” it said.

Talking of gender, the survey showed that women workers often find themselves at the bottom, and that nine out of 10 billionaires are men.

Sources: The Wire, Business Today

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