最富裕的1%印度人自己的国家的40%以上Wealth: ReportThe report stated that the top 5% own 61.7% of the total wealth; nearly 20 times more than the 3% owned by the bottom half

ByTeena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

A new study on Monday revealed that the richest 1% in India now own more than 40% of the country's total wealth, while the bottom half of the population together share just 3% of wealth, according to a report by PTI, citing the research report of Oxfam India. Precisely, the report stated that the top 5% own 61.7% of the total wealth; nearly 20 times more than the 3% owned by the bottom half.

发布年度inequ的印度补充ality report on the first day of the World Economic Forum Annual Meeting here, rights group Oxfam International said that taxing India's ten-richest at 5% can fetch entire money to bring children back to school. The report is titled 'Survival of the Richest'.

"A one-time tax of 5% on the 10 richest billionaires in the country (INR 1.37 lakh crore) is more than 1.5 times the funds estimated by the Health and Family Welfare Ministry (INR 86,200 crore) and the Ministry of Ayush (INR 3,050 crore) for the year 2022-23," the report added as quoted by PTI.

According to the Oxfam report, if India's billionaires are taxed once at 2% on their entire wealth, it would support the requirement of INR 40,423 crore for the nutrition of malnourished in the country for the next three years.

As per the report, the burden of the tax falls invariably high on the poor. The bottom 50% income group spends a higher percentage of their income on indirect taxes than the middle 40% and the top 10% combined.

Amitabh Behar, chief executive officer (CEO) of Oxfam India, in the report was quoted as saying, "While the country suffers from multiple crises like hunger, unemployment, inflation and health calamities, India's billionaires are doing extremely well for themselves. The poor meanwhile in India are unable to afford even basic necessities to survive. The number of hungry Indians increased to 350 million in 2022 from 190 million in 2018."

Wavy Line
Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

Related Topics

Finance

A Founder-First VC Firm That Likes Bold Ideas

BEENEXT's funding prospects for the coming year are optimistic as it continues to identify promising founders and their ground-breaking startup ideas.

Business Culture

The Newest Workplace Trend Has HR Sounding The Alarm

HR departments are still figuring out how to handle "quiet quitting," but a new trend is taking over.

News and Trends

Mondelez India Selects Five Startups For CoLab Accelerator Program

As per an official statement, the startups were handpicked from a competitive pool of over 250 applications across categories like baked snacks, chocolates, confectionery, and savory snacks from all corners of India

News and Trends

Kerala Banana Chips Brand Beyond Snack Raises $3.5 Million In Pre-Series A Funding

The fund raised will be utilized to accelerate the brand's expansion and drive further innovation in the snacks market

Growing a Business

Why Being Profitable is a Business Strategy in Itself

Profitability is a part of the strategic effort to be a hyper-growth, customer-centric and commercially-minded organization. And yes, it's a strategy.

News and Trends

Farmology Secures Seed Funding By India Accelerator-Backed iAngels

The company plans to utilize the funds to improve the platform, enhance customer experience and build a larger stack of wellness services on the platform