Explorer

India's richest 1% corner 73% of wealth generation: Oxfam survey

This year's survey also showed that the wealth of India's richest 1 per cent 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.

Davos: The richest 1 per cent in India cornered 73 per cent 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 per cent, as per the survey released by the international rights group Oxfam hours before the start of the annual congregation of the rich and powerful from across the world in this resort town. The situation appears even more grim globally, where 82 per cent of the wealth generated last year worldwide went to the 1 per cent, while 3.7 billion people that account for the poorest half of population saw no increase in their wealth. The annual Oxfam survey is keenly watched and is discussed in detail at the World Economic Forum Annual Meeting where rising income and gender inequality is among the key talking points for the world leaders. Last year's survey had showed that India's richest 1 per cent held a huge 58 per cent of the country's total wealth --higher than the global figure of about 50 per cent. This year's survey also showed that the wealth of India's richest 1 per cent 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. The report titled 'Reward Work, Not Wealth', Oxfam said, reveals how the global economy enables wealthy elite to accumulate vast wealth even as hundreds of millions of people struggle to survive on poverty pay. "2017 saw an unprecedented increase in the number of billionaires, at a rate of one every two days. Billionaire wealth has risen by an average of 13 per cent a year since 2010 -- six times faster than the wages of ordinary workers, which have risen by a yearly average of just 2 per cent," it said. In India, it will take 941 years for a minimum wage worker in rural India to earn what the top paid executive at a leading Indian garment firm earns in a year, the study found. In the US, it takes slightly over one working day for a CEO to earn what an ordinary worker makes in a year, it added. Citing results of the global survey of 120,000 people surveyed in 10 countries, Oxfam said it demonstrates a groundswell of support for action on inequality and nearly two-thirds of all respondents think the gap between the rich and the poor needs to be urgently addressed. With Prime Minister Narendra Modi attending the WEF meeting in Davos, Oxfam India urged the Indian government to ensure that the country's economy works for everyone and not just the fortunate few. It asked the government to promote inclusive growth by encouraging labour-intensive sectors that will create more jobs; investing in agriculture; and effectively implementing the social protection schemes that exist. Oxfam also sought sealing of the "leaking wealth bucket" by taking stringent measures against tax evasion and avoidance, imposing higher tax on super-rich and removing corporate tax breaks. The survey respondents in countries like the US, UK and India also favoured 60 per cent pay cut for CEOs. The key factors driving up rewards for shareholders and corporate bosses at the expense of workers' pay and conditions, Oxfam said, include erosion of workers' rights; excessive influence of big business over government policy-making; and the relentless corporate drive to minimise costs in order to maximise returns to shareholders. About India, it said the country added 17 new billionaires last year, taking the total number to 101. The Indian billionaires' wealth increased to over Rs 20.7 lakh crore -- increasing during last year by Rs 4.89 lakh crore, an amount sufficient to finance 85 per cent of the all states' budget on health and education. It also said India's top 10 per cent of population holds 73 per cent of the wealth and 37 per cent of India's billionaires have inherited family wealth. They control 51 per cent of the total wealth of billionaires in the country. Oxfam India CEO Nisha Agrawal said it is alarming that the benefits of economic growth in India continue to concentrate in fewer hands.
View More
Advertisement

IPL Auction 2025

Most Expensive Players In The Squad
Virat Kohli
₹21 CR
Josh Hazlewood
₹12.50 CR
Phil Salt
₹11.50 CR
View all
Most Expensive Players In The Squad
Rishabh Pant
₹27 CR
Nicholas Pooran
₹21 CR
Ravi Bishnoi
₹11 CR
View all
Most Expensive Players In The Squad
Jasprit Bumrah
₹18 CR
Suryakumar Yadav
₹16.35 CR
Hardik Pandya
₹16.35 CR
View all
Most Expensive Players In The Squad
Heinrich Klaasen
₹23 CR
Pat Cummins
₹18 CR
Abhishek Sharma
₹14 CR
View all
Most Expensive Players In The Squad
Ruturaj Gaikwad
₹18 CR
Ravindra Jadeja
₹18 CR
Matheesha Pathirana
₹13 CR
View all
Most Expensive Players In The Squad
Shreyas Iyer
₹26.75 CR
Arshdeep Singh
₹18 CR
Yuzvendra Chahal
₹18 CR
View all
Most Expensive Players In The Squad
Sanju Samson
₹18 CR
Yashaswi Jaiswal
₹18 CR
Riyan Parag
₹14 CR
View all
Most Expensive Players In The Squad
Venkatesh Iyer
₹23.75 CR
Rinku Singh
₹13 CR
Varun Chakaravarthy
₹12 CR
View all
Most Expensive Players In The Squad
Rashid Khan
₹18 CR
Shubman Gill
₹16.50 CR
Jos Buttler
₹15.75 CR
View all
Most Expensive Players In The Squad
Axar Patel
₹16.50 CR
KL Rahul
₹14 CR
Kuldeep Yadav
₹13.25 CR
View all
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

'Ensure Religious Freedom, Security': Sheikh Hasina Slams Chinmoy Das' Arrest, Demands Immediate Release
Sheikh Hasina Slams Bangladesh Hindu Monk Chinmoy Das' Arrest, Demands Immediate Release
Blast Near PVR In Delhi's Prashant Vihar Injures 1; NSG Commandos At Site, White Powder & Scooter Found — Updates
Blast Near PVR In Delhi's Prashant Vihar Injures 1; NSG Commandos At Site, White Powder & Scooter Found — Updates
'GRAP-IV To Continue In Delhi': Supreme Flags Failure Of Authorities In Curbing Pollution
'GRAP-IV To Continue In Delhi': Supreme Flags Failure Of Authorities In Curbing Pollution
Hemant Soren Takes Oath As Jharkhand CM For 4th Time
Hemant Soren Takes Oath As Jharkhand CM For 4th Time
Advertisement
ABP Premium

Videos

Breaking News: Controversy Erupts Over Claim of Temple Inside Ajmer Dargah in RajasthanBreaking News: ED Team Attacked in Delhi's Bijwasan Area | ABP NewsSambhal Mosque Clash: Tightened Security Ahead of Namaz Following Violence | ABP NewsShocking Video from Sambhal Mosque Clash Day Will Leave You Stunned | ABP News

Photo Gallery

Embed widget