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“Survival of the Richest” Report By Oxfam India


The report was released by rights group Oxfam International on the first day of the World Economic Forum Annual Meeting.


Facts for Prelims

Dimensions of the Article:

  1. Wealth Inequality
  2. Impact of Taxing the Rich
  3. Gender and Social Inequality
  4. Wealth Increase of Billionaires During the Pandemic
  5. Recommendations

Wealth Inequality

  • A new study shows that the richest 1% in India now own more than 40% of the country’s total wealth, while the bottom half of the population shares just 3% of wealth.
Impact of Taxing the Rich
  • Taxing India’s ten richest at 5% could raise enough money to bring children back to school.
  • A one-off tax on unrealized gains from 2017-2021 on just one billionaire, Gautam Adani, could have raised ₹1.79 lakh crore, enough to employ more than five million Indian primary school teachers for a year.
  • Taxing India’s billionaires once at 2% on their entire wealth could support the requirement of ₹40,423 crore for the nutrition of malnourished in the country for the next three years.
Gender and Social Inequality
  • Female workers earned only 63 paise for every 1 rupee a male worker earned.
  • Scheduled Castes and rural workers earned 55% and 50% respectively of what the advantaged social groups earned between 2018 and 2019.

Wealth Increase of Billionaires During the Pandemic

  • Since the pandemic began, billionaires in India have seen their wealth surge by 121% or ₹3,608 crore per day in real terms, according to Oxfam.
  • The total number of billionaires in India increased from 102 in 2020 to 166 in 2022.
  • The combined wealth of India’s 100 richest has touched USD 660 billion ( ₹54.12 lakh crore) – an amount that could fund the entire Union Budget for more than 18 months.
  • Oxfam recommends introducing one-off solidarity wealth taxes and windfall taxes to end crisis profite

-Source: Live mint

June 2024