Wealth of India's richest 1% more than 4-times of total for 70% poorest: Oxfam
India's richest 1 per cent hold more than four-times the wealth held by 953 million people who make up for the bottom 70 per cent of the country's population, while the total wealth of all Indian billionaires is more than the full-year budget, a new study said on Monday.
Releasing the study 'Time to Care' ahead of the 50th Annual Meeting of the World Economic Forum (WEF), rights group Oxfam also said the world's 2,153 billionaires have more wealth than the 4.6 billion people who make up 60 per cent of the planet's population.
The report flagged that global inequality is shockingly entrenched and vast and the number of billionaires has doubled in the last decade, despite their combined wealth having declined in the last year.
"The gap between rich and poor can't be resolved without deliberate inequality-busting policies, and too few go nments are committed to these," said Oxfam India CEO Amitabh Behar, who is here to represent the Oxfam confederation this year.
The issues of income and gender inequality are expected to figure prominently in discussions at the five-day summit of the WEF, starting Monday. The WEF's annual Global Risks Report has also warned that the downward pressure on the global economy from macroeconomic fragilities and financial inequality continued to intensify in 2019.
Concern about inequality underlies recent social unrest in almost every continent, although it may be sparked by different tipping points such as co ption, constitutional breaches, or the rise in prices for basic goods and services, as per the WEF report.
Although global inequality has declined over the past three decades, domestic income inequality has risen in many countries, particularly in advanced economies and reached historic highs in some, the Global Risks Report flagged last week.
The Oxfam report further said "sexist" economies are fuelling the inequality crisis by enabling a wealthy elite to accumulate vast fortunes at the expense of ordinary people and particularly poor women and girls.
Regarding India, Oxfam said the combined total wealth of 63 Indian billionaires is higher than the total Union Budget of India for the fiscal year 2018-19 which was at Rs 24,42,200 crore.
As per the report, it would take a female domestic worker 22,277 years to earn what a top CEO of a technology company makes in one year.
It further said women and girls put in 3.26 billion hours of unpaid care work each and every day -- a contribution to the Indian economy of at least Rs 19 lakh crore a year, which is 20 times the entire education budget of India in 2019 (Rs 93,000 crore).
Behar said women and girls are among those who benefit the least from today's economic system.
"They spend billions of hours cooking, cleaning and caring for children and the elderly. Unpaid care work is the 'hidden engine' that keeps the wheels of our economies, businesses and societies moving.
Oxfam said go nments are massively under-taxing the wealthiest individuals and corporations and failing to collect revenues that could help lift the responsibility of care from women and tackle poverty and inequality.
Besides, the go nments are also underfunding vital public services and infrastructure that could help reduce women and girls' workload, the report said.
As per the global survey, the 22 richest men in the world have more wealth than all the women in Africa.
Oxfam said its calculations are based on the latest data sources available, including from the Credit Suisse Research Institute's Global Wealth Databook 2019 and Forbes' 2019 Billionaires List.
译文来源：三泰虎 http://www.santaihu.com/49252.html 译者：Joyceliu
Add agriculture, education, infrastructure, housing & healthcare in big size budget. This can improve economy, generate jobs and silence critics.
India should go for bigger budgets by improving infrastructure, Education,housing & healthcare.
The finest first generation leaders without any capital have been created by RSS in India in form of Atalji, Modiji, Amit Shah Ji, Gadkari JI, Sushma ji. Poor families in India must send their kids to RSS shakhas to raise them to full potential
RSS在印度创造了没有任何资本的最优秀的第一代领导人，他们有Atalji, Modiji, Amit Shah Ji, Gadkari Ji, Sushma Ji。印度的贫困家庭必须把他们的孩子送到RSS shakhas来充分发挥他们的潜力。
As much as education I have , the world was never equitable to start with. The wealth distribution is always skewed. The people at top who run businesses have created jobs. The people at bottom cannot become equals by any stretch of imagination. Only the inheritance laws above 20 crores must be tweaked to allow 50% death tax as in west, so that super rich are not a perennially one sided dynasty.
Very distressing state of affairs.
Shaleen Nath Tripathi
The Govt may put a skills cess on the superrich... and provide unskilled skills based on the industry demand and supply only accordingly...
India has most uneven distribution of wealth.Cause is the mismanagement.
No . You are wrong. From the times of Kings it has been the same . Democracy only allows us to see the facts. What next , above 20 crores of wealth a death tax of 50% should be payable by successor, so that the concept super rich does not turn into dynasty thing. Ditto for politicians on even higher priority.
Oxfam said its calculations are based on the latest data sources available, including from the Credit Suisse Research Institute's Global Wealth Databook 2019 and Forbes' 2019 Billionaires List. Masses of India well-aware this financial skewing tilt toward 1% populace than to 99% of general populace, is suffering under the grind poverty since post-fre m, but unfortunate is that successive Govt which sponsored by this elite club is observing silence.
What happens if we focus on a better question - how to help bridge the gap between billionaires and our most vulnerable? We can't assume all billionaires have the same mindset of keeping all their wealth. Look at POP962.org and the work they are doing for the ultra high net worth CEOs and humanity... Or Bill and his foundation.
Shaleen Nath Tripathi
Unskilled workers have been in large supply which has depressed productivity and real wages... Provide more skills could increase productivity and wages... Though, over supply of skilled in sectors like medical and engineering could also lower demand of such professionals relative to supply...
Shaleen Nath Tripathi
Providing more skills...
Ban Bollywood Movies
Because of the present system RICH ARE GROWING RICHER, POOR ARE STAYING POORER. HUMAN SOCIETY HAS BIFURCATED. ONCE THE MIDDLE CLASS IS FINISHED SOON, IT WILL BE SOON OPEN BATTLE BETWEEN RICH VERSUS POOR.
Time to think about wealth tax for the uber rich...Already present in most of the countries in the world...But the limit should be significantly high enough to encourage people to become rich...
this growth is rapidly growing at high percentages,the rich are sending their sons and daughter to elite law colleges in US,AUSTRALIA specializing in GST ARBITRATION,starting salaries in six figures,in supreme courts.
ITS NOT THE QUESTION HOW BUT THEIR RESPONSIBILITY TOWARDS THE REMAINING COUNTRY MEN....... WHICH BY LARGE THEY. DON'T BOTHER EXCEPT THE TATAS.....
Luck must be with the poor to become very rich
India's richest people have not become overnight.Their predecessors have suffered a lot in their early life.Tatas' or Ambani's became rich due to sheet hard work and dedication to their business
Ban Bollywood Movies
Their predecessors were refugees or migrants in those days. Now when everyone were tilling their farm they got head start then. That cannot be possible now.
This just shows giving tax breaks to corporates doesnt mean the benefits will be passed down to common man.
so de acy is not helping poor Indians. NaMo is failing . He is only tomtoming abt development . but whose development ? politicians and industrialists are making billions. income disparity is there all over the world . but India is at the top . Here rules are for fools . 99 percent population is fooled by 1 percent .
Only when NaMo is elected u see failure in de acy ? Iam not pro-BJP or anti-congress. but this attitude also doesnt provide any solution. just complaining when everyone knows the roots of such problems lies in system developed over years and when those roots are shaken again blame the govt. everyone needs to chg, freeloaders most of all , and change for positive growth not negative chg liek everyone coming on streets to fight.
DID ANY ONE PREVENT ANY ONE ESLE FROM BECOMING WEALTHY. NO ONE BECOMES RICH BY EXISTING ON SUBSIDIES. Only 1.5% pay income tax and another 2.5% file return to claim refund and rest cry black money.
The Other Angle
What if money had and expiry date. What if every Rupee printed had an expiry date of 10 years from the time it has been printed?
My dear Other Angle , rich will just dump such 'about to expire' money on poor again. this is not a feasible solution. But i like ur attitude since everyone here is complaining instead of providing solution. you at least my fellow bhartiya are on track of creative thinking!
The Other Angle
Does any go nment have the will to really try to remove income inequality? There is a steady upward spiral of money from the bottom of the pyramid to the top. The wealthy have perfected the art of taking a little bit of money, a very small sum of money from the poor in small portions. So small that the poor do not even realise that they are making the already rich, richer. Small sachets are a case in point. The very rich manufacture these and the very poor purchase these. But the worst part is in the guise of free economy, the rich also take away the opportunities from the poor. I am not a co unist but the system is being taken advantage of. The go nment should remove income tax. It should implement GST on every thing, including sale of property, shares and any asset by individuals too. Luxury items should be taxed more and basics should be taxed less. Property below a certain threshold should be taxed less and above, more. This might take care of the problem to a small extent. This will reduce income inequality
stupid oxfam wasting money!!! is this something new??? Universal Truth from the ages
nobody will give credit to Rahul Gandhi for his scheme to give minimum income to every family below poverty line.he had discussed with top economists about viability of such scheme.BJP can atleast consider such a scheme without giving any credit to Rahul
Have a look at the gini coefficient of other countries that will give you a better perspective of the actual situation.
IN OUR COUNTRY VIDE RESERVATIONS AND QUOTAS AND FREEBIES AND SUBSIDIES AND DOLES AND ALMS WE HAVEV CREATED A COUNTRY OF BEGGARS LAZY PARASITES WHO DO NOT WANT TO WORK FOR THEIR LIVING .90% POPULATION OF OUR COUNTRY BELONGS TO THIS CATEGORY.
THE SAME SITUATION EXISTS ALL OVER THE WORLD SO WHAT IS THE MOTIVE BEHIND SINGLING OUT INDIA.