In 2014, According to the World inequality report (downloadable here) the share of national income accruing to India’s top 1% of earners was 22%, while the share of the top 10% was around 56%. A report published by Oxfam in 2018 says that India’s top 1% of the population now holds 73% of the wealth while 67 crore citizens, comprising the country’s poorest half, saw their wealth rise by just 1%.
*Worldwide just 42 people hold as much wealth as the 3.7 billion people who make up the poorer half of the world’s population, compared with 61 people last year and 380 in 2009. Oxfam said it was “beyond grotesque” that a handful of rich men headed by the Microsoft founder Bill Gates are worth $426bn (£350bn), equivalent to the wealth of 3.6 billion people. – read the article published in The Guardian here . Oxfam blamed rising inequality on aggressive wage restraint, tax dodging and the squeezing of producers by companies, adding that businesses were too focused on delivering ever-higher returns to wealthy owners and top executives.
We certainly need a new model to reverse the hoarding of wealth. This will only see further environmental degradation, conflicts and increase in disease and world hunger. Economists, billionaires and Institutions have proposed ideas to reduce this wealth gap – please take a look
Here are five people, certainly in the bottom half of India’s population.