The richest billionaires of India, covering up 1% population of India got richer by 39% in year 2018, and there was a financial improvement of 3% for the poor bottom-half of India during the same time frame, as mentioned in the Oxfam study for 2018.
Oxfam International released its annual wealth check report on Monday, highlighting the concentration of money and income around the globe. As per the report, global billionaires saw a swell of $2.5 billion each day in 2018, summing up to overall average of 12% growth in past year. While the richest Indian billionaires comprising just 1% population of the country saw an increase of Rs 2200 crore each day in 2018 to swell up by a massive 39% growth annually. Whereas the bottom-half of the country saw 3% increase; and 13.6 crore Indians, who make up the lowest 10% still remained in debts and wealth decline – since 2004.
Furthermore, India’s topmost 10% population owns 77.4% of the total national wealth, of which, the elite 1% contributes 51.53% – while the remaining 90% population divides from the remaining dire 22.6% national wealth. The Oxfam report also highlighted that 26 richest billionaires of the world own assets equal to what the 3.8 billion people who make up the poorest half of the world’s population own in total. The report shows the widening gap between rich and poor, and the high concentration of wealth among the elite while the poor continues to get poorer.
The release of the Oxfam report just few days ahead of the five-day World Economic Forum (WEF) Annual Meeting at Davos, Switzerland will prove to be the centre of economic concerns, which needs to be addressed immediately. The report is a red-flag for political and business leaders showing up at the Davos summit to take urgent steps to fight the rich-poor divide and the increasing inequality. It really is high-time to solve the outrageous problem where the few wealthy billionaires bag amassing profits each day, while the poor struggle to be able to afford their next meal.