India’s richest 1% corner 73% of wealth

Davos, Jan. 22: The richest one per cent in India cornered 73 per cent of the wealth generated in the country last year, a new survey showed on Monday, presenting a worrisome picture of rising income inequality.

Besides, 67 crore Indians comprising population’s poorest half saw their wealth rise by just one per cent, as per the survey released by the international rights group Oxfam hours before the start of the annual congregation of the rich and powerful from across the world in this resort town. The situation appears grim globally, where 82 per cent of the wealth generated last year worldwide went to the one per cent, while 370 crore people that account for the poorest half of population saw no increase in their wealth.

The annual Oxfam survey is keenly watched and is discussed in detail at the World Economic Forum Annual Meeting where rising income and gender inequality is among talking points. With Prime Minister Narendra Modi attending the WEF meeting in Davos, Oxfam India urged the government to ensure that the country’s economy works for everyone.

Davos, Jan. 22: The richest one per cent in India cornered 73 per cent of the wealth generated in the country last year, a new survey showed today, presenting a worrisome picture of rising income inequality.

Besides, 67 crore Indians comprising population’s poorest half saw their wealth rise by just one per cent, as per the survey released by Oxfam hours before the start of the annual congregation of the rich and powerful from across the world.

The annual survey is keenly watched and is discussed in detail at the WEF meeting where rising income and gender inequality is among the key talking points.

Last year’s survey had showed that India’s richest lot held a whopping 58 per cent of the country’s total wealth – higher than the global figure of about 50 per cent.

This year’s survey also showed that the wealth of India’s richest one per cent rose by over `20.9 lakh crore during 2017 – an amount equivalent to total budget of the government in FY18, the report said.

The report reveals how the economy enables wealthy to accumulate vast wealth even as hundreds of millions of people struggle to survive on poverty pay. “The year saw an unprecedented increase in the number of billionaires, at a rate of one in every two days. Billionaires’ 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 two per cent,” it said.