Richest 1% own half wealth in India |
In signs of rising income inequality, India`s richest 1 per cent now hold a huge 58 per cent of the country`s total wealth — higher than the global figure of about 50 per cent, a new study showed. The study, released by rights group Oxfam ahead of the World Economic Forum (WEF) annual meeting attended by rich and powerful from across the world, showed that just 57 billionaires in India now have same wealth ($216 billion) as that of the bottom 70 per cent population of the country. Globally, just 8 billionaires have the same amount of wealth as the poorest 50 per cent of the world population. The study said there are 84 billionaires in India, with a collective wealth of $248 billion, led by Mukesh Ambani ($19.3 billion), Dilip Shanghvi ($16.7 billion) and Azim Premji ($15 billion). The total Indian wealth in the country stood at $3.1 trillion.The total global wealth in the year was USD 255.7 trillion, of which about USD 6.5 trillion was held by billionaires, led by Bill Gates (USD 75 billion), Amancio Ortega (USD 67 billion) and Warren Buffett (USD 60.8 billion).In the report titled `An economy for the 99 per cent`, Oxfam said it is time to build a human economy that benefits everyone, not just the privileged few.
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