Business

India's Richest 1% Cornered 73% Of Wealth Generated Last Year: Study

DIVYIA ASTHANA | 0
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| January 22 , 2018 , 10:15 IST

A survey released by international rights group Oxfam has revealed that the richest 1 percent population of India, cornered 73 percent of the total wealth generated in the country last year, depicting a trend of increasing income inequality. Last year's survey had shown that India's richest 1 percent held 58 percent of the total wealth earned by the country.

However, the current situation appeared grimmer globally, with 82 percent of the wealth generated worldwide going to only 1 percent of the population.

In India, this year's survey showed that the wealth of India's richest 1 percent increased by over Rs 20.9 lakh crore, while the poorest half of the nation saw an increase in wealth of just 1 percent. Globally, there was no increase in the wealth of the poorest half of the population.

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In the Oxfam report 'Reward Work, Not Wealth' the study related how the global economy enables the wealthy elite to accumulate vast amounts of wealth even as hundreds of millions of people struggle to survive on poverty pay.

"2017 saw an unprecedented increase in the number of billionaires, at a rate of one every two days. Billionaire wealth has risen by an average of 13 percent a year since 2010 -- six times faster than the wages of ordinary workers, which have risen by a yearly average of just 2 percent," said the report.

Oxfam India CEO Nisha Agrawal said that it was alarming that the benefits of economic growth in India continue to increase for the selected few.

"The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system. Those working hard, growing food for the country, building infrastructure, working in factories are struggling to fund their child's education, buy medicines for family members and manage two meals a day. The growing divide undermines democracy and promotes corruption and cronyism," she said.