Billionaires across the world got richer by 12 per cent making USD 2.5 billion a day, whereas the poorest half of the world's population got poorer by 11 per cent in 2018
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The richest billionaires in India, which accounts for one per cent of the population saw their fortunes rise by Rs 2,200 crore a day in 2018, according to a study report published by Oxfam. The wealthiest in India got richer by 39 per cent as compared to just 3 per cent increase in wealth for the bottom half of the population, said the study.
Billionaires across the globe in 2018, saw their fortunes rise by 12 per cent or USD 2.5 billion a day, where on the other hand the poorest half of the world's population saw their wealth decline by 11 per cent, the international rights group said in its annual study released before the start of the five-day World Economic Forum (WEF) Annual Meeting.
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The study by Oxfam, reveals that 13.6 crore Indians, who stand in the poorest 10 per cent bracket of the country, were in debt since 2004. It is also said this increasing gap between the rich and the poor is undermining the fight against poverty, damaging economies and fuelling public anger worldwide. Oxfam International Executive Director Winnie Byanyima, one of the key participants at the WEF summit, 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 per cent and the rest of India continues then it will lead to a complete collapse of the social and democratic structure of this country," she added.
"India's top 10 per cent of the population holds 77.4 per cent of the total national wealth. The contrast is even sharper for the top 1 per cent that holds 51.53 per cent of the national wealth. The bottom 60 per cent, the majority of the population, own merely 4.8 per cent of the national wealth. The wealth of top 9 billionaires is equivalent to the wealth of the bottom 50 per cent of the population," Oxfam said while noting that a high level of wealth disparity subverts democracy.
Between 2018 and 2022, India is estimated to produce 70 new dollar millionaires every day,” the study said.
"It (the survey) reveals how governments are exacerbating inequality by underfunding public services, such as healthcare and education, on the one hand, while under-taxing corporations and the wealthy, and failing to clamp down on tax dodging on the other," Oxfam India CEO Amitabh Behar said. The survey also shows that women and girls are hardest hit by rising economic inequality, he added.
According to the report, India had 18 new billionaires last year, hiking the total number of billionaires to 119, while their wealth comprised of total USD 400 billion which is Rs 28 lakh crore) benchmark for the first time. In 2017, it rose from USD 325.5 billion to USD 440.1 billion in 2018. Oxfam further added India's richest 1 per cent pay with just 0.5 per cent extra tax on their wealth could accumulate enough money to increase the government spending on health by 50 per cent.
It said, ‘the combined revenue and capital expenditure of the Centre and states for medical, public health, sanitation and water supply is Rs 2,08,166 crore, which is less than the country' richest man Mukesh Ambani's wealth of Rs 2.8 lakh crore.’
“While billionaire wealth keeps climbing the ladder, public services are suffering from chronic underfunding or being outsourced to private companies that exclude the poorest people,” Oxfam said. "Children from poor families in India are three times more likely to die before their first birthday than children from rich families," it added.
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