• Indian billionaires saw their fortunes swell by ₹ 2,200 crore a day last year, with the top 1 per cent of the country’s richest getting richer by 39 per cent as against just 3 per cent increase in wealth for the bottom-half of the population.
  • Globally, billionaires’ fortunes rose by 12 per cent or $ 2.5 billion a day in 2018, whereas the poorest half of the world’s population saw their wealth decline by 11 per cent.
  • 13.6 crore Indians, who make up the poorest 10 per cent of the country, continued to remain in debt since 2004.
  • A few wealthy individuals are amassing a growing share of India’s wealth, while the poor are struggling to eat their next meal or pay for their child’s medicines
  • If this obscene inequality between the top 1 percent and the rest of India continues then it will lead to a complete collapse of the social and democratic structure of this country.
  • Noting that wealth is becoming even more concentrated, 26 people now own the same as the 3.8 billion people who make up the poorest half of humanity, down from 44 people last year.
  • The world’s richest man Jeff Bezos, founder of Amazon, saw his fortune increase to USD 112 billion and just 1 per cent of his fortune is equivalent to the whole health budget for Ethiopia, a country of 115 million people.
  • “India’s top 10 per cent of the population holds 77.4 per cent of the total national wealth.
  • The contrast is even sharper for the top 1 per cent that holds 51.53 per cent of the national wealth.
  • The bottom 60 per cent, the majority of the population, own merely 4.8 per cent of the national wealth.
  • Wealth of top 9 billionaires is equivalent to the wealth of the bottom 50 per cent of the population.
  • Between 2018 and 2022, India is estimated to produce 70 new dollar millionaires every day.
  • It (the survey) reveals how governments are exacerbating inequality by underfunding public services, such as healthcare and education, on the one hand, while under taxing corporations and the wealthy, and failing to clamp down on tax dodging on the other.
  • The survey also shows that women and girls are hardest hit by rising economic inequality.
  • India added 18 new billionaires last year, raising the total number of billionaires to 119, while their wealth crossed the $ 400 billion (₹ 28 lakh crore) mark for the first time.
  • It rose from $ 325.5 billion in 2017 to $ 440.1 billion in 2018, making it the single largest annual increase since the 2008 global financial crisis.
  • India’s richest 1 per cent pay just 0.5 per cent extra tax on their wealth could raise enough money enough to increase the government spending on health by 50 per cent.
  • The combined revenue and capital expenditure of the Centre and states for medical, public health, sanitation and water supply is ₹ 2,08,166 crore, which is less than the country’ richest man Mukesh Ambani’s wealth of ₹ 2.8 lakh crore.
  • The tax rates for wealthy individuals and corporations have been cut dramatically.
  • While billionaire wealth soars, public services are suffering from chronic underfunding or being outsourced to private companies that exclude the poorest people.