Richest 1% own 40.5% of India's wealth, says new Oxfam report.
Richest 1% own 40.5% of India's wealth, says new Oxfam report.
In 2022, the number of billionaires in the country increased to 166 from from 102 in 2020, the report said.
In 2022, the number of billionaires in the country increased to 166 from from 102 in 2020, the report said.
The charity called on India's finance minister to levy a wealth tax on the ultra rich to tackle this "obscene" inequality.
The charity called on India's finance minister to levy a wealth tax on the ultra rich to tackle this "obscene" inequality.
The report - Survival of The Richest - was released as the World Economic Forum began in Davos, Switzerland.
The report - Survival of The Richest - was released as the World Economic Forum began in Davos, Switzerland.
Meanwhile, the country's poor and middle class were taxed more than the rich, Oxfam said.
Meanwhile, the country's poor and middle class were taxed more than the rich, Oxfam said.
A 2% tax on the entire wealth of India's billionaires would support the nutrition of the country's malnourished population for the next three years, the report said.
A 2% tax on the entire wealth of India's billionaires would support the nutrition of the country's malnourished population for the next three years, the report said.
Taxing the top 100 Indian billionaires at 2.5% or taxing the top 10 Indian billionaires at 5% would nearly cover the entire amount required to bring an estimated 150 million children back into school, Oxfam said.
Taxing the top 100 Indian billionaires at 2.5% or taxing the top 10 Indian billionaires at 5% would nearly cover the entire amount required to bring an estimated 150 million children back into school, Oxfam said.