India’s richest 1% own more than 40% of total wealth: Oxfam

Current Affairs

  • According to a report by Oxfam India, the richest 1% of Indians own 13 times more wealth than the bottom 50%.
  • The top five percent owned 61.7 percent of total wealth, almost 20 times more than the 3 percent owned by the bottom half.
  • According to “Survival of the Richest: The India Supplement” released by a non-governmental organization (NGO), wealth inequality tends to be denser at the top.
  • The top 1 percent hold more than half the wealth of the top 10 percent of wealthy Indians. The combined wealth of India’s 100 richest individuals reached Rs 54.12 lakh crore in 2022.
  • The total wealth of the 10 richest Indians in 2022 was 27.52 lakh crore rupees, which is 32.8% more than in 2021.
  • The report states that the total number of billionaires in India is also expected to increase from 102 in 2020 to 142 in 2021 and 166 in 2022. In contrast, 228.9 million people live in poverty in India, the highest in the world.

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