Oxfam Inequality Report 2019: Nine Richest Indians Own Wealth Equivalent to Bottom 50% of the Country While the top 1% own 51.53% of national wealth, the bottom 60% own merely 4.8%
Amitabh Behar, CEO, Oxfam India said:
” It is morally outrageous that a few wealthy individuals are amassing a growing share of India’s wealth while the poor are struggling to eat their next meal or pay for their child’s medicines. If this obscene inequality between the top 1 percent and the rest of India continues then it will lead to a complete collapse of the social and democratic structure of this country.”
The report reveals India added 18 new billionaires last year raising the total number of billionaires to 119. Their wealth crossed the US$400 billion (INR 28000 billion) mark for the first time. It rose from US$325.5 billion (INR 22725 billion) in 2017 to US$440.1 billion (INR 30807 billion) in 2018. This is the single largest annual increase since the 2008 Global Financial Crisis.
- Getting the richest one percent in India to pay just 0.5 percent extra tax on their wealth could raise enough money to increase government spending on heath by 50 percent.
- Last year, wealth of top 1 percent in India increased by 39 percent whereas wealth of bottom 50 percent increased at a dismal 3 percent.
- Globally, tax rates for wealthy individuals and corporations have also been cut dramatically. For example, the top rate of personal income tax in rich countries fell from 62 percent in 1970 to just 38 percent in 2013. The average rate in poor countries is just 28 percent.
- India’s combined revenue and capital expenditure of the Centre and State for Medical & Public Health, Sanitation & Water Supply is Rs 2,08,166 crore (INR 2082 billion), less than the wealth of India’s richest billionaire Mukesh Ambani at Rs 2,80,700 crore (INR 2807 billion).
Here is the executive summary of the report – Click Here
Here is the link to the full report – Click Here