Richest 1% Indians hold 4 times more wealth than bottom 70%.
The Oxfam International has released it’s report on 20th January, 2020, in the sideline of the World Economic Forum’s annual meeting in Davos. This time the title of the report was “Time to Care”.
The report stated “Economic inequality is out of control. In 2019, the world’s billionaires, only 2,153 people, had more wealth than 4.6 billion people.”
It further mentioned that India’s richest 1% hold more than four times the wealth held by 953 million people who make up for the bottom 70% of the country’s population. Regarding India, Oxfam further said that the combined total wealth of 63 Indian billionaires i.e., Mukesh Ambani, Azim Premji, Sunil Mittal etc., is higher than the total Union Budget of India for the fiscal year 2018-19 which was at Rs.24,42,200 crore. (BSNLEU Website)