Forty Billionaires Emerged Last Year In India But Number Of Poor Doubled: Oxfam Report

Last updated on January 21st, 2022 at 07:09 am

The number of billionaires in India grew from 102 to 142 in 2021. The non-profit group Oxfam Davos said in a report released on Sunday that the country added 40 billionaires last year.

According to Oxfam, the Indian government should revisit its policies to redistribute wealth in the country. The group said that India’s billionaires have more than doubled their fortunes during the Covid-19 crisis. It ravaged the country and worsened poverty. Reportedly, the income of 84% of Indian households declined in 2021.

The group claimed that India’s richest have almost $720 billion in combined fortune, more than the poorest 40% of the population. In its report titled “Inequality Kills”, Oxfam said that in 2021 inequality increased in India. The country’s 100 richest people hit a record high of Rupees 57.3 lakh crore. However, the bottom 50% of the country’s population held just 6% of the national wealth. As a remedy to the growing wealth inequality in India, Oxfam suggested imposing a wealth tax on the super-rich population of India.

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The non-profit group’s global report showed that Wealth surged globally during the Covid-19 pandemic. Reportedly, the value of everything from stock prices to crypto and commodities jumped during the pandemic.

The world’s 500 richest people added more than $1 trillion to their net worths last year. Oxfam said that India has more billionaires than France, Sweden and Switzerland combined. The group raised concern over this fact because unemployment climbed as high as 15% last May in India. Reportedly, food insecurity also worsened the country. The group said that the wealth of Indian billionaires rose from Rupees 23.14 lakh crore to Rupees 53.16 lakh crore.

According to the report, women are bearing the worst impact of the soaring wealth inequality. Gabriela Bucher, Oxfam’s executive director, said, “Inequality at such a pace and scale is happening by choice, not chance.”