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Richest 1% get richer by 39%: Oxfam

Richest 1% get richer by 39%: Oxfam

According to a study conducted by Oxfam; top 1% of the country’s richest are getting richer by 39% as against just 3% increase in wealth for the bottom half of the population.

At World Level

Globally, billionaires' fortunes rose by 12% or USD 2.5 billion a day in 2018, whereas the poorest half of the world's population saw their wealth decline by 11%.

Oxfam said 26 people now own the same as the 3.8 billion people who make up the poorest half of humanity, down from 44 people last year.

India

Oxfam further said that 13.6 crore Indians, who make up the poorest 10 per cent of the country, continued to remain in debt since 2004.

India's top 10 per cent of the population holds 77.4 per cent of the total national wealth. The contrast is even sharper for the top 1 per cent that holds 51.53 per cent of the national wealth.

Between 2018 and 2022, India is estimated to produce 70 new dollar millionaires every day.

It said the combined revenue and capital expenditure of the Centre and states for medical, public health, sanitation and water supply is Rs 2,08,166 crore, which is less than the country' richest man Mukesh Ambani's wealth of Rs 2.8 lakh crore.

What will be the impact?

The biggest threat of inequality will be on the institution of democracy. As the inequalities rise the bottom half of the population may revolt against the prevailing system and may try to change the system.

The tax system erodes the daily wage earners and salaried persons more than the people having property. It is the imperative of the government to make the system right if it is moving only in one direction and that is rich getting richer.

Lastly, whether it’s capitalist or communism, inequality will persist but it needs to be balanced.

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