Arab Press

بالشعب و للشعب
Tuesday, Feb 07, 2023

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
Close
0:00
0:00
2 earthquakes in Turkey killed over 2,300 people
Powerful Earthquake Strikes Turkey and Syria, Killing More Than 1,300 People.
Turkish photographer Ugur Gallenkus portrays two different worlds within a single image. Brilliant work
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Shell reports highest profits in 115 years
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Dirty bomb fears as URANIUM is found in cargo at Heathrow
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
×