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Business


INDIA’S RICHEST MADE RS 3,608 CRORE PER DAY DURING PANDEMIC; HOLDS 40% OF
COUNTRY’S TOTAL WEALTH

Of millionaires and us miserable middle class and the poorest of the poor,
here’s a reality check
by James Paul 
 Jan. 16, 2023
 * 
 * 



--------------------------------------------------------------------------------


> Business

“Isme kon si nayi baat hai?” you might shrug it off. Sadly that has been the
reality since forever. A clique of capitalists with the most wealth across just
about any asset categories - real estate, gold, stocks, cash - you name it and
they have it by the closets and cabinets and coffers to the brim. Now a new
study by Oxfam International reveals how the top 1%, the filthy rich Indians,
own more than 40 freaking percent of the country’s total wealth. According to
the study, the bottom half of the Indian population only claim just about 3% of
the cumulative wealth. This study is a part of an India supplement released by
the agency on the first day of the ongoing World Economic Forum Annual Meeting
in Davos. Read on for some staggering stupefying stats on the study by Oxfam
titled - ‘Survival of the Richest’.










> Richest 1% own 40.5% of India's wealth, says new Oxfam report
> https://t.co/R6s7FmhXkN
> 
> — BBC News (World) (@BBCWorld) January 16, 2023

 * From 102 in 2020 the total number of billionaires in India increased to 166
   in 2022.
 * $660 billion is the combined wealth of the 100 richest in India.
 * The above amount of INR 54.12 crore, can fund the country’s Union Budget for
   +18 months.
 * India’s richest, if taxed once at 2% of their entire fortune, would support
   the nutrition requirement of malnourished in the country for the next 3 years
   at INR 40,423 crore.
 * If the top 10 Indian billionaires are taxed 5%, it would cover almost the
   entire fund required to bring the underprivileged kids to school. All of
   them.
 * India’s wealthiest saw their collective personal fortune swell by INR 3608
   crore per ‘effin day by a whopping 121%!
 * India’s gender inequality shows in the earnings, as women get only 63 paise
   as opposed to every 1 rupee earned by men.

Wondering where those taxes squeezed from your hard earned money go?
Advertisements of the policies that are never properly or rarely or never
executed at all.





> According to the new Oxfam report, 21 ultra-rich Indians now have more wealth
> than 70 crore Indians in New India.
> 
> I don't think there was this kind of inequality in India even during the rule
> of the East India Company.
> 
> The Government of the rich, by the rich, and for the rich.
> 
> — Advaid അദ്വൈത് (@Advaidism) January 16, 2023



> The total wealth of the 10 richest Indians have gone up 32.8% in 2022 compared
> to 2021 - the number of hungry Indians has increased from 190 million to 350
> million. New Oxfam Report confirms what Rahul Gandhi has been saying in
> #BharatJodoYatra https://t.co/FbNba3umxG
> 
> — Ashok Swain (@ashoswai) January 16, 2023

The stats have sadly been true for the world at large. One percent of the global
richest have made almost two-thirds of the cumulative new wealth created during
the pandemic.



> The richest 1 percent of people made almost two-thirds of all new wealth
> created since the pandemic began, Oxfam said ahead of the World Economic Forum
> in Davos, Switzerland. https://t.co/u0n3iCmjUO
> 
> — The Washington Post (@washingtonpost) January 16, 2023

Before we wrap this up, take a glance at the net worth of India’s richest
according to Forbes -

#1 Gautam Adani - $150 billion

#2 Mukesh Ambani - $88 billion

#3 Radhakishan Damani - $27.6 billion

#4 Cyrus Poonawalla - $21.5 billion

#5 Shiv Nadar - $21.4 billion

#6 Savitri Jindal - $16.4 billion

#7 Dilip Sanghvi - $15.5 billion

#8 Hinduja Brothers - $15.2 billion

#9 Kumar Birla - $15 billion

#10 Bajaj Family - $14.6 billion

Oh they do wonderful CSR, you’d say. Stealing someone’s apple and giving ‘em a
slimy slice back after days is what CSR is. #TaxTheRich

> THERE IS SO MUCH WEALTH AND SO MUCH MISERY AT THE SAME TIME, THAT IT SEEMS
> INCREDIBLE THAT PEOPLE CAN ENDURE SUCH CLASS DIFFERENCES, AND ACCEPT SUCH A
> FORM OF HUNGER WHILE ON THE OTHER HAND, THE MILLIONAIRES THROW AWAY MILLIONS
> ON STUPIDITIES.”

- Frida Kahlo

See Also: ‘I Belong To Middle Class,’ FM Nirmala Sitharaman’s Statement Ahead Of
Budget Draws Netizens’ Wrath
Topics: Business, Tech, Taxes, Mukesh Ambani, Middle Class, Wealth Inequality,
Billionaires, Adani, Millionaires, Poor, Public Policy, Disparity




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   World; Kamath Bros Join Billionaire’s List
   Mukesh Ambani reigns the India’s Top 10 Billionaires List by Forbes. The
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   April 5, 2023


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