India’s top 1% own 40% of wealth: Report
Agencies | New Delhi
The Daily Tribune – www.newsofbahrain.com
The richest 1 percent in India owned about 40 percent of the country’s total wealth in 2021, a new report showed yesterday, revealing a widening wealth disparity in the world’s second most-populated country.
By 2022, the number of Indian billionaires rose to 166 from 102 in 2020, according to the “Survival of the Richest” report by charity Oxfam, which was released yesterday to coincide with the start of this year’s World Economic Forum in Davos, Switzerland.
Indian billionaires also saw their wealth surge by 121 percent since the COVID-19 pandemic began up until November last year, a supplement report issued by Oxfam India showed.
“From 2012 to 2021, 40 percent of the wealth created in India has gone to just 1 percent of the population and only a mere 3 percent of the wealth has gone to the bottom 50 percent,” the report said.
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