India, the leading economic country, is not only the face of billionaires but, it’s ailing with economic inequality between rich and people. India is literally experiencing the famous dialogue from Rajinikanth’s Shivaji, ‘Rich getting Richer, Poor getting Poorer’. Read on to know how..
In a recent report by Oxfam International, a world wide development organization that mobilized power of people against poverty, the 1 percent of richest Indians own 58.4% of nation’s total wealth. In last two years, this share has took a jump from 49 percent in 2014.
The study also tells, ’84 billionaires in India have collective wealth of $248 billion.’ It means, they (billionaires) are the major fruit-getters of growing economic gains in India. Whereas the richest 1 percent of Russia holds 74.5 percent of country’s wealth.
“Over the next 20 years, 500 people will hand over USD 2.1 trillion to their successors and that’s larger than India’s GDP,” predicted Oxfam in its report on ‘economic inequalities’.
Mukesh Ambani, Dilip Sanghvi and Azim Premji are listed as top 3 wealthiest men in India with a net worth of $51 billion. The Oxfam report further adds, ‘Globally, just 8 billionaires have same amount of wealth as the poorest 50% of world population.’
On top of it, the 10 percent poor in India have witnessed an income fall by around 15 percent whereas women’s wages are just 70-90 percent that of men. Singapore and India are the top countries in Asia with highest number of multi generational billionaires who’re likely to transfer their wealth to heirs over next two decades.