India is home to 166 billionaires, according to Oxfam India’s latest report released on the opening day of the World Economic Forum in Davos, Switzerland. This marks a 64% increase from the 102 billionaires that India had in 2020.
The report also found that the wealth of India’s billionaires increased by Rs 4,89,000 crore in 2021, which is equivalent to the total budget of the Government of India for the education sector in 2021-22. This means that the wealth of India’s billionaires is enough to fund the education of 5.5 crore children for an entire year.
The report also highlighted the growing inequality in India, as the wealth of the top 1% of the population is equivalent to the wealth of the bottom 70%. This is a stark contrast to the situation in 2020, when the wealth of the top 1% was equivalent to the wealth of the bottom 60%.
The report also pointed out that the number of billionaires in India is disproportionately high compared to other countries. India has 166 billionaires, while the United States has 656 and China has 646.
The report concluded that the growing inequality in India is a result of the government’s failure to implement policies that promote equitable growth and development. It suggested that the government should focus on creating an equitable and inclusive economy, by investing in public services such as health, education, and social protection.
The report also called for the government to increase taxes on the wealthy and to ensure that companies pay their fair share of taxes. It also urged the government to crack down on tax evasion and to close loopholes that allow the wealthy to avoid paying taxes.
Overall, the Oxfam India report reveals that the number of billionaires in India has increased significantly in the past two years, and that the wealth of the top 1% of the population is disproportionately high compared to other countries. The report also highlights the need for the government to implement policies that promote equitable growth and development, and to ensure that the wealthy pay their fair share of taxes.