Rising Income inequality in India: India’s Richest 1% corner 73% wealth generation, Says Oxfam

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According to the survey of Oxfam, the India’s richest 1% is holding 73% of the country’s total wealth in the last year. The figure shows a greater inequality of Income in India.

Whereas there has been a very narrow increase of 1% in total wealth of more than 50% of the population of country being at the lower side of the net worth scale.

The situation is getting worse when around 82% of the total wealth generated in 2017 worldwide has been occupied by 1%, while there came no increase in the wealth of 3.7 billion people comprising poorest half of the population.

India is already facing income inequality, but this gap is widening day by day. As per the last year’s survey, India’s 1% richest held 58% of the county’s total wealth, which was higher than the worldwide figure of about 50% and the wealth of this elite group has further increased by over Rs.20.9 Lakh crore in the last year.

This grow in wealth inequality in India will bring enormous economic risks within the country.

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