Arab Press

بالشعب و للشعب
Saturday, Jul 12, 2025

Richest 1% own 40.5% of India's wealth, says new Oxfam report

Richest 1% own 40.5% of India's wealth, says new Oxfam report

India's top 1% owned more than 40.5% of its total wealth in 2021, according to a new report by Oxfam.
In 2022, the number of billionaires in the country increased to 166 from from 102 in 2020, the report said.

Meanwhile, it added that the poor in India "are unable to afford even basic necessities to survive".

The charity called on India's finance minister to levy a wealth tax on the ultra rich to tackle this "obscene" inequality.

The report - Survival of The Richest - was released as the World Economic Forum began in Davos, Switzerland.

The report highlighted the large disparity in wealth distribution in India, saying that more than 40% of the wealth created in the country from 2012 to 2021 had gone to just 1% of the population while only 3% had trickled down to the bottom 50%.

In 2022, the wealth of India's richest man Gautam Adani increased by 46%, while the combined wealth of India's 100 richest had touched $660bn.

In 2022, Mr Adani was ranked the second richest person in the world on the Bloomberg's wealth index. He also topped the list of people whose wealth witnessed the maximum rise globally during the year.

Meanwhile, the country's poor and middle class were taxed more than the rich, Oxfam said.

Approximately 64% of the total goods and services tax (GST) in the country came from the bottom 50% of the population, while only 4% came from the top 10%, the report said.

"India is unfortunately on a fast track to becoming a country only for the rich," Oxfam India CEO Amitabh Behar said. "The country's marginalised - Dalits, Adivasis, Muslims, women and informal sector workers are continuing to suffer in a system which ensures the survival of the richest."

The rich, currently, benefited from reduced corporate taxes, tax exemptions and other incentives, the report added.

To correct this disparity, the charity asked the finance minister to implement progressive tax measures such as wealth tax in the upcoming budget.

A 2% tax on the entire wealth of India's billionaires would support the nutrition of the country's malnourished population for the next three years, the report said.

A 1% wealth tax could fund the National Health Mission, India's largest healthcare scheme for more than1.5 years, it added.

Taxing the top 100 Indian billionaires at 2.5% or taxing the top 10 Indian billionaires at 5% would nearly cover the entire amount required to bring an estimated 150 million children back into school, Oxfam said.

"It's time we demolish the convenient myth that tax cuts for the richest result in their wealth somehow 'trickling down' to everyone else," said Gabriela Bucher, the executive director of Oxfam International.

Taxing the super-rich was necessary for "reducing inequality and resuscitating democracy", she added.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×