The richest in India grew rich by 39 per cent last year: Oxfam report

The richest billionaires in India which accounts for one per cent of the population saw their fortunes rise by Rs 2200 crore a day in 2018according 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 studyBillionaires across the globe in 2018 saw their fortunes rise by 12 per cent or USD 25 billion a day where on the other hand the poorest half of the worlds population saw their wealth decline by 11 per cent the international rights group said in its annual study released before the start of the fiveday World Economic Forum WEF Annual MeetingThe study by Oxfam reveals that 136 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 Indias wealth while the poor are struggling to eat their next meal or pay for their childs 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 addedWith wealth becoming more concentrated the study further said 26 people now compared to 44 people last year alone own the same as the 38 billion people who make up the poorest half of humanity Jeff Bezos founder of Amazon also known as the worlds richest man saw his fortune hike to USD 112 billion and just 1 per cent of his fortune is easily equivalent to the whole health budget for Ethiopia a country with 115 million peopleIndias top 10 per cent of the population holds 774 per cent of the total national wealth The contrast is even sharper for the top 1 per cent that holds 5153 per cent of the national wealth The bottom 60 per cent the majority of the population own merely 48 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 democracyBetween 2018 and 2022 India is estimated to produce 70 new dollar millionaires every dayrdquo the study saidIt the survey reveals how governments are exacerbating inequality by underfunding public services such as healthcare and education on the one hand while undertaxing 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 addedAccording 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 3255 billion to USD 4401 billion in 2018 Oxfam further added Indias richest 1 per cent pay with just 05 per cent extra tax on their wealth could accumulate enough money to increase the government spending on health by 50 per centIt said lsquothe combined revenue and capital expenditure of the Centre and states for medical public health sanitation and water supply is Rs 208166 crore which is less than the country richest man Mukesh Ambanis wealth of Rs 28 lakh crorersquoldquoWhile billionaire wealth keeps climbing the ladder public services are suffering from chronic underfunding or being outsourced to private companies that exclude the poorest peoplerdquo 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 addedCatch up on all the latest Crime National International and Hatke news here Also download the new midday Android and iOS apps to get latest updatesThe article has been sourced from thirdparty source and Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text All information provided on this article is for informational purposes only