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

Tags: Reports

According to a recent report by Oxfam International, more than 40 percent of India's total wealth is held by just one percent of the country's richest people, while 50 percent of the population has only three percent of the country's total wealth.

News Overview

• According to the report, from the beginning of the Corona epidemic in the country to November 2022, the wealth of the country's billionaires has increased by 121 percent.

• The total number of billionaires in the country has increased from 102 in 2020 to 166 in 2022.

• According to the report, the total wealth of the 100 richest people of India has increased to US$ 660 billion i.e. about Rs 54.12 lakh crore.

• According to the report, the contribution of the richest 10 percent of the country's 10 percent of the country's richest people was just 3 percent of the Rs 14.83 lakh crore collected through Goods and Services Tax (GST) during 2021-22.

• While about 64 percent contribution in this has been given by the people coming from the weakest 50 percent sections of the country in terms of economic status.

• Oxfam International said that a 5 percent tax on India's ten richest people could provide enough money to get children back to school.