Mumbai: A recent report on Monday showed
that India's richest 1 per cent of the population hold 42.5 per cent of
national wealth while the bottom 50 per cent, the majority of the
population, owns a mere 2.8 per cent.
According to an Oxfam
report, India's top 10 per cent of the population holds 74.3 per cent of
the total national wealth while the bottom 90 percent holds 25.7
percent of national wealth.
The report said that the number of
billionaires since the global financial crisis has nearly doubled with a
new billionaire created every two days.
"Over the last year, the
total wealth of India has increased by US$ 625.5 billion.The wealth of
the top 1 per cent increased by 46 per cent while the bottom 50 per cent
saw wealth increase at just 3 per cent.," the report said.
of billionaire wealth showed that there are 15 billionaires from the
consumer goods industry and more than 10 billionaires from the
pharmaceuticals industry in 2019.
Another figure that shows
growing inequality in the country is that the wealth of top 9
billionaires is equivalent to the wealth of the bottom 50 per cent of
Persistent inequality has negative implications
for macroeconomic stability and inclusive economic growth. Wealth
concentrations can lead to decision-making power being restricted to a
few while also resulting in significant adverse social impacts such as
rising crime, the report noted.
"Rising inequality also
compromises the pace of poverty reduction and compounds inequalities
between various social groups such as men and women in terms of access
to health, education, and opportunities," it said.
the report, it would take a female domestic worker 22,277 years to earn
what a top CEO of a technology company makes in one year. With earnings
pegged at Rs 106 per second, a tech CEO would make more in 10 minutes
than what an average domestic worker would make in one year.