Richest 1% own 58% of total wealth in India: Oxfam


In signs of rising income inequality, India’s richest one percent now hold a huge 58% of the country’s total wealth -- higher than the global figure of about 50%, a new study showed on 16 January, 2017.




The study, released by rights group Oxfam ahead of the World Economic Forum (WEF) annual meeting attended by rich and powerful from across the world, showed that just 57 billionaires in India now have same wealth ($216 billion) as that of the bottom 70% population of the country.

Globally, just eight billionaires have the same amount of wealth as the poorest 50% of the world population.

The study said there are 84 billionaires in India, with a collective wealth of $248 billion, led by Mukesh Ambani ($19.3 billion), Dilip Shanghvi ($16.7 billion) and Azim Premji ($15 billion). The total Indian wealth in the country stood at $3.1 trillion.

The total global wealth in the year was $255.7 trillion, of which about $6.5 trillion was held by billionaires, led by Bill Gates ($ 75 billion), Amancio Ortega ($ 67 billion) and Warren Buffett ($60.8 billion).

The world’s 8 richest people are, in order of net worth:
Bill Gates: America founder of Microsoft (net worth $75 billion)
Amancio Ortega: Spanish founder of Inditex which owns the Zara fashion chain (net worth $67 billion)
Warren Buffett: American CEO and largest shareholder in Berkshire Hathaway (net worth $60.8 billion)
Carlos Slim Helu: Mexican owner of Grupo Carso (net worth: $50 billion)
Jeff Bezos: American founder, chairman and chief executive of Amazon (net worth: $45.2 billion)
Mark Zuckerberg: American chairman, chief executive officer, and co-founder of Facebook (net worth $44.6 billion)
Larry Ellison: American co-founder and CEO of Oracle  (net worth $43.6 billion)
Michael Bloomberg: American founder, owner and CEO of Bloomberg LP (net worth: $40 billion)

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