The number of Indian billionaires grew from 102 to 142 over the past year, the confederation of non-governmental organizations Oxfam said in a report.
In its report entitled “Inequality kills”, Oxfam said that in 2021 the collective wealth of the 100 richest people in India reached an approximate record of 745 billion dollars, limited the Scroll portal.
However, in that same period, the poorest 50 percent of the country’s population only owned 6.0 percent of the national wealth.
Oxfam’s analysis during the Covid-19 pandemic, between March 2020 and November 2021, showed that the wealth of Indian billionaires increased from $300.82 billion to $691.8 billion.
Instead, it is estimated that more than 46 million Indians fell into extreme poverty in 2020 alone.
The latter figure represented almost half of the world’s new poor, according to the United Nations, the report noted.
As a remedy to India’s growing inequality, Oxfam suggested imposing a wealth tax on the country’s super-rich population.
“By taxing only super-rich families 1.0 percent of their wealth, India could finance the cost of its vaccination program,” the research noted.
Also, a 4.0 percent tax on the wealth of the 98 richest families in India could finance the budget of the country’s Ministry of Health and Family Welfare for two years.
The global report showed that the collective wealth of the 10 richest men on the planet more than doubled, from $700 billion to $1.5 trillion, at an average rate of $1.3 billion every day between March 2020 and November last year.
On the other hand, the pandemic pushed 160 million people into poverty, with non-white ethnic minorities and women bearing the brunt of growing inequality.
Gabriela Bucher, executive director of Oxfam, said in a press release that economic structures not only make everyone less safe in the face of the pandemic, but also allow extremely wealthy and powerful people to exploit this crisis for their own benefit.
The report described inequality as “economic violence,” adding that it contributes to the deaths of 21,000 people daily due to lack of access to health care, gender-based violence, hunger and climate change.
mem/abm
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Income of most Indian households fell in 2021
The number of Indian billionaires grew from 102 to 142 over the past year, the confederation of non-governmental organizations Oxfam said in a report.
In its report entitled “Inequality kills”, Oxfam said that in 2021 the collective wealth of the 100 richest people in India reached an approximate record of 745 billion dollars, limited the Scroll portal.
However, in that same period, the poorest 50 percent of the country’s population only owned 6.0 percent of the national wealth.
Oxfam’s analysis during the Covid-19 pandemic, between March 2020 and November 2021, showed that the wealth of Indian billionaires increased from $300.82 billion to $691.8 billion.
Instead, it is estimated that more than 46 million Indians fell into extreme poverty in 2020 alone.
The latter figure represented almost half of the world’s new poor, according to the United Nations, the report noted.
As a remedy to India’s growing inequality, Oxfam suggested imposing a wealth tax on the country’s super-rich population.
“By taxing only super-rich families 1.0 percent of their wealth, India could finance the cost of its vaccination program,” the research noted.
Also, a 4.0 percent tax on the wealth of the 98 richest families in India could finance the budget of the country’s Ministry of Health and Family Welfare for two years.
The global report showed that the collective wealth of the 10 richest men on the planet more than doubled, from $700 billion to $1.5 trillion, at an average rate of $1.3 billion every day between March 2020 and November last year.
On the other hand, the pandemic pushed 160 million people into poverty, with non-white ethnic minorities and women bearing the brunt of growing inequality.
Gabriela Bucher, executive director of Oxfam, said in a press release that economic structures not only make everyone less safe in the face of the pandemic, but also allow extremely wealthy and powerful people to exploit this crisis for their own benefit.
The report described inequality as “economic violence,” adding that it contributes to the deaths of 21,000 people daily due to lack of access to health care, gender-based violence, hunger and climate change.
mem/abm
.
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