India's elite 1% own more than 40% of the country's wealth

India's elite 1% own more than 40% of the country's wealth

Only one percent of India's richest own more than 40 percent of the nation's wealth, while the poor continue to sink deeper into poverty.

The report of Oxfam, a British anti-poverty organization, has expressed that when the number of elite people is increasing in India, the poor people are sinking into more poverty.

As per the Oxfam report, from 2012 to 2021, the unfair distribution of the country’s wealth increased dramatically, more than 40 percent of the country's wealth went to only one percent of the population, and in 2021, more than 40 percent of the country's wealth went to the poor. One percent of India remained 60 percent owned by the elite.

As per the report, the number of Indian billionaire citizens reached to 166 in 2022, from 102 in 2020.

According to Oxfam, the world's fourth and India's richest man Gautam Adani's wealth increased by 46% last year, while the combined wealth of India's 100 richest people reached $660 billion.

The report states that 50% of the country's population pays 64% of the total tax paid on essential goods and various facilities in India.

 Oxfam says basic necessities in India continue to fall out of reach of the poor, with the government taxing the poor and the middle class more than the rich while the country's richest earn less corporate tax and are benefiting from tax exemptions and other incentives.

Oxfam has called for a wealth tax on the rich to tackle economic inequality in India.

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