There is a tremendous disparity between rich and poor in India. Only 1 percent of India's rich have 70 percent of the country's total population, or 95.3 million people have more than four times the total wealth. Not only this, the total wealth of Indian billionaires (billionaires in dollars) is more than the total budget of one year of the central government. This shocking revelation has been revealed in a new study.
A study released by Oxfam ahead of the 50th annual meeting of the World Economic Forum (WEF) also reported that just 2,1543 billionaires in the world have more than 60% of the world population's (4.6 billion people) wealth.
Number of Billionaires Doubled
This report makes surprising revelations of inequality in the world. According to the report, the number of billionaires in the world has doubled in the last decade, although their total wealth has declined slightly last year. Oxfam India CEO Amitabh Bahr said, "Unless governments insist on policies to remove inequality, the gap between rich and poor cannot be bridged."
The questions of income and gender inequality can be raised prominently during the World Economic Forum starting on Monday in Davos, Switzerland.
61 Billionaires have more Money than the Center's Budget
Talking more about inequality in India, the Oxfam report said that the wealth of 61 Indian bilineries is more than the total budget of the Indian government for the year 2018-19 (Rs 24.42 lakh crore).
It will take 22,277 Years for a Maid to Earn as a CEO
According to the report, it can take 22,277 years for a domestic female maid to earn as much as the top CEO of a technology company in India. Similarly, it takes a tech CEO just 10 minutes to earn as much as a domestic servant earns throughout the year. He earns about 106 rupees every second.
Report key points
The report says that women and girls work 3.26 billion hours every day without taking a penny in the care of family or other people. This is equivalent to an annual contribution of Rs 19 lakh crore to the Indian economy, which is about 20 times the education budget of the Government of India (Rs 93,000 crore).
The report says that if public investment is made directly in the economy up to 2 percent of GDP, then 11 million jobs can be created every year.
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