India’s Richest 1% Own More Than 40% Of Total Wealth, Says Oxfam

| Updated: January 16, 2023 3:55 pm

The richest one per cent in India now own more than 40 per cent of the country’s total wealth, while the bottom half of the population together share just 3 per cent of wealth, as per  new study data on Monday.

On the first day of the World Economic Forum Annual Meeting in Davos rights group Oxfam International said that taxing India’s 10-richest at 5 per cent can fetch entire money to bring children back to school, Releasing the India supplement of its annual inequality report. It added that ‘A one-off tax on unrealised gains from 2017-2021 on just one billionaire, Gautam Adani, could have raised Rs 1.79 lakh crore, enough to employ more than five million Indian primary school teachers for a year.”

The report titled ‘Survival of the Richest’ further said that if India’s billionaires are taxed once at 2 per cent on their entire wealth, it would support the requirement of Rs 40,423 crore for the nutrition of malnourished in the country for the next three years.

‘A one-time tax of 5 per cent on the 10 richest billionaires in the country (Rs 1.37 lakh crore) is more than 1.5 times the funds estimated by the Health and Family Welfare Ministry (Rs 86,200 crore) and the Ministry of Ayush (Rs 3,050 crore) for the year 2022-23,’ it added.

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