Oxfam India's Latest Survey Unveils Dark Realities Of Wealth Distribution In India
The richest 1% in India cornered 73% of the wealth generated in the country last year, a new survey showed today, presenting a worrying picture of rising income inequality. Besides, 67 crore Indians comprising the population's poorest half saw their wealth+ rise by just 1%, as per the survey by the international rights group Oxfam hours before the start of the annual congregation of the rich and powerful from across the world in Davos. The situation appears even more grim globally, where 82% of the wealth generated last year worldwide went to the 1%, while 3.7 billion people that account for the poorest half of population saw no increase in their wealth. Last year's survey had showed that India's richest 1% held a huge 58% of the country's total wealth — higher than the global figure of about 50%. This year's survey also showed that the wealth of India's richest 1% increased by over Rs 20.9 lakh crore during 2017 — an amount equivalent to total budget of the central government in 2017-18, Oxfam India said.