Wealth of India's richest 1% more than 4-times of total for 70% poorest: Oxfam report
Davos: India's richest 1 per cent hold more than four-times the wealth held by 953 million people who make up for the bottom 70 per cent of the country's population, while the total wealth of all Indian billionaires is more than the full-year budget, a new study said on Monday.
Releasing the study 'Time to Care' here ahead of the 50th Annual Meeting of the World Economic Forum (WEF), rights group Oxfam also said the world's 2,153 billionaires have more wealth than the 4.6 billion people who make up 60 per cent of the planet's population.
The report flagged that global inequality is shockingly entrenched and vast and the number of billionaires has doubled in the last decade, despite their combined wealth having declined in the last year.
"The gap between rich and poor can't be resolved without deliberate inequality-busting policies, and too few governments are committed to these," said Oxfam India CEO Amitabh Behar, who is here to represent the Oxfam confederation this year.
The issues of income and gender inequality are expected to figure prominently in discussions at the five-day summit of the WEF, starting Monday. The WEF's annual Global Risks Report has also warned that the downward pressure on the global economy from macroeconomic fragilities and financial inequality continued to intensify in 2019.
Concern about inequality underlies recent social unrest in almost every continent, although it may be sparked by different tipping points such as corruption, constitutional breaches, or the rise in prices for basic goods and services, as per the WEF report.
Although global inequality has declined over the past three decades, domestic income inequality has risen in many countries, particularly in advanced economies and reached historic highs in some, the Global Risks Report flagged last week.
The Oxfam report further said "sexist" economies are fuelling the inequality crisis by enabling a wealthy elite to accumulate vast fortunes at the expense of ordinary people and particularly poor women and girls.
Regarding India, Oxfam said the combined total wealth of 63 Indian billionaires is higher than the total Union Budget of India for the fiscal year 2018-19 which was at Rs 24,42,200 crore.
"Our broken economies are lining the pockets of billionaires and big business at the expense of ordinary men and women. No wonder people are starting to question whether billionaires should even exist," Behar said.
As per the report, it would take a female domestic worker 22,277 years to earn what a top CEO of a technology company makes in one year. With earnings pegged at Rs 106 per second, a tech CEO would make more in 10 minutes than what a domestic worker would make in one year.
It further said women and girls put in 3.26 billion hours of unpaid care work each and every day -- a contribution to the Indian economy of at least Rs 19 lakh crore a year, which is 20 times the entire education budget of India in 2019 (Rs 93,000 crore).
Besides, direct public investments in the care economy of 2 per cent of GDP would potentially create 11 million new jobs and make up for the 11 million jobs lost in 2018, the report said.
Behar said the gap between rich and poor cannot be resolved without deliberate inequality-busting policies, and too few governments are committed to these.
He said women and girls are among those who benefit the least from today's economic system.
"They spend billions of hours cooking, cleaning and caring for children and the elderly. Unpaid care work is the 'hidden engine' that keeps the wheels of our economies, businesses and societies moving.
"It is driven by women who often have little time to get an education, earn a decent living or have a say in how our societies are run, and who are therefore trapped at the bottom of the economy, Behar added.
Oxfam said governments are massively under-taxing the wealthiest individuals and corporations and failing to collect revenues that could help lift the responsibility of care from women and tackle poverty and inequality.
Besides, the governments are also underfunding vital public services and infrastructure that could help reduce women and girls' workload, the report said.
As per the global survey, the 22 richest men in the world have more wealth than all the women in Africa.
Besides, women and girls put in 12.5 billion hours of unpaid care work each and every day -- a contribution to the global economy of at least USD 10.8 trillion a year, more than three times the size of the global tech industry.
Getting the richest one per cent to pay just 0.5 per cent extra tax on their wealth over the next 10 years would equal the investment needed to create 117 million jobs in sectors such as elderly and childcare, education and health.
Governments must prioritise care as being as important as all other sectors in order to build more human economies that work for everyone, not just a fortunate few, Behar said.
Oxfam said its calculations are based on the latest data sources available, including from the Credit Suisse Research Institute's Global Wealth Databook 2019 and Forbes' 2019 Billionaires List.
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Humanity trumps terror: Kashmiri guide saves lives of children of Chhattisgarh tourists
Raipur, Apr 24 (PTI): Risking his own life, a Kashmiri tourist guide saved the lives of children from a group of tourists from Chhattisgarh when terrorists struck in Pahalgam on Tuesday.
Nazakat Ahmad Shah (28) was acting as a guide to a group of 11, four couples and three children, from Manendragarh-Chirmiri-Bharatpur district in Chhattisgarh during their Kashmir trip.
Shah's own cousin was killed in the attack that claimed the lives of 26 persons, he told PTI over phone on Thursday.
Arvind Agrawal, one of the tourists, posted pictures of him and his daughter with Shah on his social media handle and wrote, "You saved our lives by risking your own, we will never be able to repay the debt of Nazakat Bhai." As per his Facebook profile, Agrawal is a member of the Bharatiya Janata Yuva Morcha- a youth wing of the BJP.
Besides the Agrawals, families of Kuldeep Sthapak, Shivansh Jain and Happy Wadhavan were part of the group.
Shah sells shawls in Chirmiri town of Chhattisgarh in winter, and therefore knew these families.
"They reached Jammu on April 17 and I received them and took them to Kashmir in two vehicles. I took them to Srinagar, Gulmarg, Sonmarg and in the last leg we decided to visit Pahalgam," he said.
"Pahalgam was to be the last venue as my village is close by, and I wanted to host them, because Kashmiris have a passion for hospitality," Shah said.
"We reached Baisran around 12:00 noon. My tourists were busy with pony rides and clicking pictures. Around 2 pm I told Lucky (Kuldeep) that we are getting late, so we should go. He replied we will go after clicking some more pictures. While we were talking, we heard gunshots and initially we thought it was the sound of firecrackers.
"Suddenly, we realized it was gunshots. There were thousands of tourists who were running here and there in panic," he said.
"My first concern was the safety of the tourist families. I took Lucky's kid and another child and laid down on the ground. The area was fenced so it was not easy to escape. I noticed a small opening and asked the families to move out through that opening. They asked me to save the children first. I slipped through it with the two kids, and ran towards Pahalgam town," he said.
After depositing the children in a safe place, he returned to the spot and escorted out the others safely. "Thanks to Allah, I took all our 11 guests safely to Pahalgam," Shah said.
Adil Hussain, the son of his maternal uncle, was killed in the terror attack but he could not attend his final rites as he decided to escort the tourists back, he said.
"I knew them (Kuldeep and others) for several years as earlier I used to accompany my father to Chirmiri to sell shawls. I wanted my guests saved even if I did not survive," said Shah, who has two daughters.
Like Agrawal, Sthapak also shared his and his family's pictures with Shah on social media, and hailed him profusely for saving their lives.
"A letter written from the heart to Nazakat Bhai...My brother, the passion and bravery with which you rescued us from there is still echoing in my ears. There was chaos, gunshots, screams and the shadow of death all around. No ordinary person can do that. The humanity you showed by putting your life at stake is beyond words. I will be grateful to you all my life. I can never forget this favor," he wrote in Hindi on his Facebook page.
Sthapak also said he was concerned about Shah's own safety. "People will debate about religion and caste, but who will take care of Nazakat Bhai, who presented the most beautiful example of humanity? The heart becomes restless thinking about this," he said.
Shah picked up his child, sat him on his shoulders and ran 14 km on dangerous hills, Sthapak said.
"Nazakat bhai, you not only saved my life that day, you kept humanity alive. I will never forget you for the rest of my life," he added.
Sthapak's wife is a BJP corporator in Chirmiri town.
नजाकत खान जैसे लोग इंसानियत की मिशाल हैं।
— Dr Monika Singh (@Dr_MonikaSingh_) April 24, 2025
पहलगाम आतंकी हमले में 28 लोगों की मौत हो गई. वहीं इस बीच हमले के दौरान अपनी बहादुरी से 11 लोगों की जान बचाने वाले नज़ाकत अहमद शाह ने आंखों देखी पूरी घटना बयां की है और साथ ही उन्होंने बताया कि कैसे उन्होंने लोगों की जान बचाई... pic.twitter.com/QXxyAmlfPG
