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.