India is home to 166 billionaires, according to Oxfam India’s latest report which was released on the opening day of the World Economic Forum in Davos, Switzerland. This is a significant increase from the 102 billionaires that were present in India in 2020.
The report states that the combined wealth of these 166 billionaires is equal to the wealth of the bottom 70% of India’s population, which is around 800 million people. This means that the wealth of the 166 billionaires is equivalent to the wealth of more than half of India’s population.
The report also states that the wealth of India’s billionaires has grown by almost 50% since the start of the pandemic in 2020. This is in stark contrast to the economic situation of the bottom 70% of India’s population, which has seen their wealth decline by around 4%.
The report also highlights the growing inequality in India, with the top 1% of the population now owning more than four times the wealth of the bottom 70%. This is a stark reminder of the need for greater economic equality in India.
The report also points out that the number of billionaires in India is still far lower than the number of billionaires in other countries. For example, the United States has 614 billionaires, while China has 476 billionaires.
The report concludes by stating that the growing number of billionaires in India is a cause for concern and that the government needs to take steps to reduce inequality and ensure that the wealth of the country is shared more equitably. This can be done by introducing progressive taxation, increasing wages, and investing in public services such as healthcare and education.
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