Wealth Earned by 100 Richest Indians During Pandemic Can Give 13.8 crore Poorest Rs 94,000 Each: Report
3 years, 10 months ago

Wealth Earned by 100 Richest Indians During Pandemic Can Give 13.8 crore Poorest Rs 94,000 Each: Report

News 18  

India’s 100 top billionaires have seen their fortunes increase by Rs 12,97,822 crore since March last year when the COVID-19 pandemic hit the country and this amount is enough to give 13.8 crore poorest Indians a cheque for Rs 94,045 each. ”India’s 100 billionaires have seen their fortunes increase by Rs 12,97,822 crores since March last year which is enough to give every one of the 138 million poorest Indians a cheque for Rs 94,045 each,” the report said. ”If India’s top 11 billionaires are taxed at just 1 per cent on the increase in their wealth during the pandemic, it will be enough to increase the allocation of Jan Aushadi Scheme by 140 times, which provides affordable medicines to the poor and marginalized.” India introduced one of the earliest and most stringent lockdowns in the face of the pandemic and its enforcement brought the economy to a standstill, triggering unemployment, hunger, distress migration and untold hardship in its wake, the report said. The report said 1.7 crore women lost their job in April 2020 and unemployment for women rose by 15 per cent from a pre-lockdown level.

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History of this topic

Indian households build USD 9.7 trillion wealth in a decade, driving economic shifts: Morgan Stanley
1 month, 1 week ago

Indian households build USD 9.7 trillion wealth in a decade, driving economic shifts: Morgan Stanley

India TV News  

Indian households have accumulated USD 9.7 trillion in wealth over the last 10 years, according to a new report from Morgan Stanley. Wealth accumulation and economic change The Morgan Stanley report revealed a decade of accumulated wealth among Indian households, totaling USD 9.7 trillion. The trend in the economy The report identified a trend in “financialization,” where households shift more …

Number of millionaires leaving India will reduce in 2024: Report
6 months ago

Number of millionaires leaving India will reduce in 2024: Report

Hindustan Times  

India will lose fewer millionaires to migration in 2024, compared with the previous two years, according to The Henley Private Wealth Migration Report 2024. Representational Around 4,300 millionaires are likely to exit the country in 2024 compared with 5,100 in the previous year, according to the report. The UAE is likely to be the largest beneficiary, gaining 6,800 millionaires in …

Five second-time Gujarat MPs see increase in their wealth by over 100%
6 months, 2 weeks ago

Five second-time Gujarat MPs see increase in their wealth by over 100%

New Indian Express  

AHMEDABAD: Nearly five Gujarat MPs out of the 12 who are all set to the Lok Sabha for the second time have seen their wealth increase by more than 100 per cent in 2024 from 2019 found a report. A report by the Association for Democratic Reforms reveals that the wealth of five Gujarat MPs has significantly increased by 112 …

Patralekha Chatterjee | Why isn’t rising inequality turning into a poll issue?
8 months, 3 weeks ago

Patralekha Chatterjee | Why isn’t rising inequality turning into a poll issue?

Deccan Chronicle  

The view from the penthouse and the pavement is staggeringly different. By 2022-23, the top one per cent income and wealth shares are at their highest historical levels; India’s top one per cent income share is among the very highest in the world, higher than even South Africa, Brazil, and the United States, notes the paper, titled “Income and Wealth …

Inequality rising since 2000s, top one per cent in India holds 40 per cent wealth: study
9 months ago

Inequality rising since 2000s, top one per cent in India holds 40 per cent wealth: study

The Hindu  

Published : Mar 23, 2024 13:17 IST - 5 MINS READ Inequality in India has skyrocketed since the early 2000s, with the income and wealth share of the top one per cent of the population rising to 22.6 per cent and 40.1 per cent, respectively, in 2022-23, according to a working paper. The paper authored by Thomas Piketty, Lucas Chancel, …

India to have 100 million affluent citizens by 2027, claims report
11 months, 1 week ago

India to have 100 million affluent citizens by 2027, claims report

Hindustan Times  

India's affluent class is expected to be 100 million by 2027, a report by Goldman Sachs stated on Friday, adding that the indigenous companies selling premium goods will outperform the broad-based rivals. According to the Goldman report, the purchasing power of top earning Indians has increased in the past decade, due to a strong economic growth, stable monetary policy and …

PM Modi says 13.5 crore Indians rose above poverty line in last 5 years
1 year, 4 months ago

PM Modi says 13.5 crore Indians rose above poverty line in last 5 years

Live Mint  

New Delhi: A staggering 13.50 crore Indians have risen above the poverty line in the past five years, Prime Minister Narendra Modi said on Monday quoting a recent NITI Aayog report. Speaking at the Madhya Pradesh Rozgar Mela, the prime minister said, “When decisions are made with positive thinking, right intention, and full integrity, the whole environment gets filled with …

Hurun Rich List 2023: Rekha Rakesh Jhunjhunwala Tops List Among 16 New Indian Billionaires
1 year, 9 months ago

Hurun Rich List 2023: Rekha Rakesh Jhunjhunwala Tops List Among 16 New Indian Billionaires

News 18  

While the number of billionaires fell eight per cent globally, India added 16 billionaires and has been ranked third globally with Rekha Rakesh Jhunjhunwala and family topping the list, according to the 2023 M3M Hurun Global Rich List. According to the 2023 M3M Hurun Global Rich List, 176 new faces were added globally to the list from 18 industries and …

Why are India’s poorest people being left behind?
1 year, 10 months ago

Why are India’s poorest people being left behind?

Al Jazeera  

On Tuesday, February 7 at 19:30 GMT: India’s BJP-led government says its final budget before a general election in 2024 will spur economic growth, but opposition politicians are among critics who say it fails to address ever-deepening income and wealth inequality highlighted by anti-poverty groups. But it does not include the re-introduction of a wealth tax on the rich that …

Economic Survey 2022-23 | Out-of-pocket health spending still high, despite hike in government expenditure
1 year, 10 months ago

Economic Survey 2022-23 | Out-of-pocket health spending still high, despite hike in government expenditure

The Hindu  

Almost half of all health spending in India is still paid by patients themselves directly at the point of treatment, although this has dropped as the government’s share of spending on health went up significantly after 2013-14, according to the Economic Survey 2022-23. The share of government health expenditure in total health expenditure was just 28.6% in the financial year …

India’s richest 1 per cent own more than 40 per cent of total wealth: Oxfam
1 year, 11 months ago

India’s richest 1 per cent own more than 40 per cent of total wealth: Oxfam

The Hindu  

Published : Jan 16, 2023 15:59 IST The richest one per cent in India now own more than 40 per cent of the country’s total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on January 16. Releasing the India supplement of its annual inequality report on the first …

Taxing India’s Richest By 5% Can Bring ‘All Children Back To School’: Oxfam
1 year, 11 months ago

Taxing India’s Richest By 5% Can Bring ‘All Children Back To School’: Oxfam

News 18  

If Indian billionaires are taxed ‘once’ at 2 per cent on their entire wealth, the government can receive funding support for their nutrition program for ‘the next three years’. With 102 in 2020 to 166 in 2022, the combined wealth of India’s 100 richest has touched USD 660 billion and can fund the entire Union Budget for more than 18 …

India\'s richest 1% own more than 40% of total wealth: Oxfam
1 year, 11 months ago

India\'s richest 1% own more than 40% of total wealth: Oxfam

Deccan Chronicle  

Davos: The richest one per cent in India now own more than 40 per cent of the country's total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual …

India's richest 1% own more than 40% of total wealth: Oxfam
1 year, 11 months ago

India's richest 1% own more than 40% of total wealth: Oxfam

The Hindu  

The richest 1% in India now own more than 40% of the country's total wealth, while the bottom half of the population together share just 3% of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual Meeting in Davos, rights group Oxfam International …

India's 100 richest got richer in 2022: Forbes data; wealth grew to...|Top 10
2 years ago

India's 100 richest got richer in 2022: Forbes data; wealth grew to...|Top 10

Hindustan Times  

Do you know what the worth of the top 10 richest people in India is? While 2023 may look like recession to many in the world, as per the International Monetary Fund, the wealthiest people in India have had a fruitful year, the Forbes’ 2022 list reveals. Gautam Adani and Mukesh Ambani are said to account for about 30 per …

Opposition pounces on Hosabale’s comments on wealth inequality to attack government
2 years, 2 months ago

Opposition pounces on Hosabale’s comments on wealth inequality to attack government

The Hindu  

Latching onto RSS national general secretary Dattatreya Hosabale’s statement on the state of Indian economy, the Opposition parties attacked the Narendra Modi government at the Centre, blaming it for the increasing wealth gap in the country. Mr. Hosabale while speaking at a webinar organised by the RSS affiliate Swadeshi Jagran Manch on Sunday had said, “Even when India has managed …

It\'s time BJP wakes up to people\'s woes, says Kumaraswamy
2 years, 2 months ago

It\'s time BJP wakes up to people\'s woes, says Kumaraswamy

Deccan Chronicle  

BENGALURU: Endorsing the views expressed by organising secretary of Rashtriya Swayamsevak Sangh Dattareya Hosabale that economic inequality, poverty and unemployment are dangerous for the country, Janata Dal Secular leader and former Chief Minister H.D. Kumaraswamy on Monday said economic inequality in the country is a black dot when the country is celebrating its Amrit Mahotsav of country’s Independence. “People’s frustration …

Adani & family top IIFL Wealth Hurun India Rich List
2 years, 3 months ago

Adani & family top IIFL Wealth Hurun India Rich List

The Hindu  

Gautam Adani and family, with an estimated wealth of ₹10,94,400 crore, has topped the IIFL Wealth Hurun India Rich List 2022, which was released on Wednesday. Mukesh Ambani and family has been named as the second richest in India with an estimated wealth of ₹7,94,700 crore, a growth of 11% compared with the 2021 list. While Gautam Adani and family …

Number Theory: How rich are India’s richest – and how poor are the rest?
2 years, 9 months ago

Number Theory: How rich are India’s richest – and how poor are the rest?

Hindustan Times  

The scourge of wealth inequality is a global phenomenon. In a recently released working paper “The sky and the stratosphere: concentrated wealth in India during the lost decade”, we studied the changes in the household wealth distribution between 2012 and 2018. Official data suggests that the Gini coefficient of per adult household wealth in India fell from 0.718 in 2012 …

Most Indians want tax on the rich, top firms
2 years, 10 months ago

Most Indians want tax on the rich, top firms

Deccan Chronicle  

Chennai: More than 80 per cent of Indians support a tax on the rich and corporations who earned record profits during the pandemic, a nationwide survey conducted ahead of the Budget by Fight Inequality Alliance India said. The study had said that an annual wealth tax in India would raise $78.3 billion a year with a 2 per cent tax …

Oxfam report says over 16 crore more people forced into poverty in two years of pandemic
2 years, 11 months ago

Oxfam report says over 16 crore more people forced into poverty in two years of pandemic

The Hindu  

The first two years of the COVID-19 pandemic saw incomes of 99% of humanity fall and over 16 crore people were forced into poverty even as the world's ten richest men saw their fortune more than double to $1.5 trillion at a rate of $1.3 billion a day, a new study showed on Monday. The world's ten richest men saw …

Number of Indian billionaires rose to 142 in 2021
2 years, 11 months ago

Number of Indian billionaires rose to 142 in 2021

New Indian Express  

NEW DELHI: The number of Indian billionaires grew from 102 to 142, while 84 per cent of households in the country suffered a decline in their income in 2021, which was also a year marked by tremendous loss of life and livelihoods, according to non profit Oxfam India's latest report published on Monday. It indicates that the collective wealth of …

Forbes list of 100 richest Indians sees 50% wealth rise, Mukesh Ambani retains top spot
3 years, 2 months ago

Forbes list of 100 richest Indians sees 50% wealth rise, Mukesh Ambani retains top spot

India Today  

The fortunes of India’s richest have witnessed a 50 per cent rise during the Covid-19 pandemic, according to the Forbes list of 100 richest Indians in 2021. The combined wealth of 100 richest Indians on the 2021 Forbes List jumped to a record $775 billion after — a rise of $257 billion or 50% over the past 12 months. MUKESH …

India's Top Richest List 2021: Know How Much Mukesh Ambani, Adani, Shiv Nadar Earn Per Day
3 years, 2 months ago

India's Top Richest List 2021: Know How Much Mukesh Ambani, Adani, Shiv Nadar Earn Per Day

News 18  

Business tycoon Mukesh Ambani is featured at the number one spot in IIFL Wealth Hurun India Rich List 2021 for the 10th time in a row. Mukesh Ambani and the family at spot 1 in the list and the total wealth of the group stands at 7,18,000, the Ambani has earned 164 crores every day. Sixth position was occupied by …

Asset ownership data a stark reminder of inequality
3 years, 3 months ago

Asset ownership data a stark reminder of inequality

New Indian Express  

A National Sample Survey report on ownership of assets has revealed that about 10% of Indians own over 50% of the total assets, with the skew greater in urban areas. This government survey falls more or less in line with reports prepared by NGOs and other agencies, which have stressed that while poverty is declining and growth opportunities have increased, …

The state of India’s poor must be acknowledged
3 years, 6 months ago

The state of India’s poor must be acknowledged

The Hindu  

The son of a corn merchant-turned sociologist, Charles Booth had little patience for Charles Dickens and others in his time, who used lyrical prose to describe the desperation of the poor in working class London. The first being, the fall in the monthly per capita consumption expenditure of 2017-18 for the first time since 1972-73, which the Government withheld citing …

Tenuous revival: On boosting Indian economy
3 years, 6 months ago

Tenuous revival: On boosting Indian economy

The Hindu  

The national income estimates released by the NSO posit an economy that appears to have found some footing in the January-March quarter before the pandemic’s second wave hit. GDP expanded by 1.6% in the final quarter of the last fiscal, an acceleration from the 0.5% growth in the preceding three-month period, that marginally softened the extent of the full-year’s record …

In Covid-hit India, 23 crore people earn less than Rs 375 per day: Study
3 years, 7 months ago

In Covid-hit India, 23 crore people earn less than Rs 375 per day: Study

India Today  

India's economy staged an impressive recovery after the first wave of the Covid-19 pandemic, but the alarming rise in poverty tells a different story about the country’s future economic outlook. “An alarming 90 per cent of respondents in the Azim Premji University CLIPS reported that households had suffered a reduction in food intake as a result of the lockdown” the …

Turned Away from Jobs in Cities, MGNREGS Beneficiaries Crossed 11cr Mark For First Time During Pandemic Year
3 years, 8 months ago

Turned Away from Jobs in Cities, MGNREGS Beneficiaries Crossed 11cr Mark For First Time During Pandemic Year

News 18  

In a first, over 11 crore people worked under Mahatma Gandhi National Rural Employment Guarantee Scheme during the financial year 2020-21 after being subjected to acute joblessness because of the Covid-19 pandemic. According to a report by The Indian Express, 11.17 crore individuals availed of the scheme in 2020-21, which is an increase of 41.75 per cent from the 7.88 …

Pandemic pushed over 3 crore Indians out of middle class: Pew Research
3 years, 9 months ago

Pandemic pushed over 3 crore Indians out of middle class: Pew Research

India Today  

A recent research report has revealed that the novel coronavirus pandemic last year pushed approximately 3.2 crore Indians out of the middle class. The report prepared by the US-based Pew Research Center showed that the number of Indians in the middle class — those who earn between $10 to $20 per day — shrunk by roughly 3.2 crores. Read | …

Pandemic pushes 32 mn Indians out of middle class: Pew Research
3 years, 9 months ago

Pandemic pushes 32 mn Indians out of middle class: Pew Research

Live Mint  

Financial woes brought by last year's coronavirus pandemic have pushed about 32 million Indians out of the middle class, undoing years of economic gains, a report showed on Thursday, while job losses pushed millions into poverty. The number of Indians in the middle class, or those earning between $10 and $20 a day, shrunk by about 32 million, compared with …

Happiness Index of India's Rich Falls by 13%, More than 6 Lakh New Middle Class Households Emerge: Report
3 years, 9 months ago

Happiness Index of India's Rich Falls by 13%, More than 6 Lakh New Middle Class Households Emerge: Report

News 18  

The overall happiness index among India’s high net-worth individuals fell to 7.23 points on 10 as compared to 8.5 points in 2019, a Hurun India Wealth Report 2020 released on Tuesday revealed. The report also revealed that 6,33,000 new middle-class households with an average savings of Rs 20-lakh per annum have emerged in the country. There are 16,933 millionaire households …

Hurun Global Rich List 2021: Amidst Pandemic, India Added 40 More Billionaires Last Year
3 years, 9 months ago

Hurun Global Rich List 2021: Amidst Pandemic, India Added 40 More Billionaires Last Year

ABP News  

In 2020 during the COVID-19 pandemic, India added 40 more billionaires, rising to the third spot globally with record 177 billionaires after China and the US, according to Hurun Global Rich List 2021. Pankaj Munjal & family, 58, of cycle manufacturer Hero Cycles, made to the list for the first time with $1.2 billion on the back of the surging …

Billionaires Like Ambani Got Richer Amid COVID, Poor Poorer: Oxfam
3 years, 10 months ago

Billionaires Like Ambani Got Richer Amid COVID, Poor Poorer: Oxfam

The Quint  

The report said: "Worldwide, billionaires' wealth increased by a staggering $3.9 trillion between 18 March and 31 December, 2020. at the same time it is estimated that the total number of people living in poverty could have increased by between 200 million and 500 million.” Oxfam also reportedly said that the increase in the wealth, since the coronavirus crisis began, …

Wealth amassed by 100 richest Indians during pandemic can give 13.8 cr poorest Rs 94k each: Oxfam
3 years, 10 months ago

Wealth amassed by 100 richest Indians during pandemic can give 13.8 cr poorest Rs 94k each: Oxfam

India TV News  

India's 100 top billionaires have seen their fortunes increase by Rs 12,97,822 crore since March last year when the COVID-19 pandemic hit the country and this amount is enough to give 13.8 crore poorest Indians a cheque for Rs 94,045 each. "India's 100 billionaires have seen their fortunes increase by Rs 12,97,822 crores since March last year which is enough …

Indian billionaires increased their wealth by 35% during the lockdown, says Oxfam report
3 years, 10 months ago

Indian billionaires increased their wealth by 35% during the lockdown, says Oxfam report

The Hindu  

Indian billionaires increased their wealth by 35% during the lockdown to ₹ 3 trillion, ranking India after U.S., China, Germany, Russia and France. Out of these, the rise in fortunes for the top 100 billionaires since the lockdown in March is enough to give every one of the 138 million poorest Indian people a cheque for ₹94,045 each, according to …

Mukesh Ambani earned Rs 90 crore per hour during pandemic: Oxfam report
3 years, 10 months ago

Mukesh Ambani earned Rs 90 crore per hour during pandemic: Oxfam report

India Today  

It would have taken 10,000 years for an unskilled worker to make what Reliance Industries Limited chairman Mukesh Ambani made in an hour during the coronavirus pandemic, according to a recent Oxfam report. According to the Oxfam report, Ambani earned Rs 90 crore per hour during the coronavirus pandemic. Read | Your salaries remain stagnant, but companies are making a …

Tax the Super Rich in India to Raise Resources to Fight Covid-19, Says Nobel Laureate Joseph Stiglitz
4 years, 2 months ago

Tax the Super Rich in India to Raise Resources to Fight Covid-19, Says Nobel Laureate Joseph Stiglitz

News 18  

Kolkata: American economist and Nobel laureate Joseph E Stigliz on Monday advocated taxing the superrich class in India to raise resources for fighting theCOVID-19 pandemic, if the government fails to pool in the required funds. "Funds should be targeted at high-impact areas rather than low-impact ones, and if you can't get resources, raise taxes as you have a lot of …

Explained: How a raging pandemic is widening India's wealth gap
4 years, 3 months ago

Explained: How a raging pandemic is widening India's wealth gap

India Today  

Ever since India gained Independence, the country has traversed a wave of ups and downs to finally become a global powerhouse over the last five years. In India, the wealth gap has been rising sharply during the ongoing pandemic as previous levels of income inequality were already high in the country. A January 2020 study by rights group Oxfam India …

India's Richest 1% Seeks to Maintain Wealth Share, While Millions Struggle to Climb Out of Poverty
6 years, 11 months ago

India's Richest 1% Seeks to Maintain Wealth Share, While Millions Struggle to Climb Out of Poverty

The Quint  

The Oxfam survey has released its annual report on wealth distribution, highlighting the stark wealth gap between the 1% and the rest of the population. India's richest 1 percent holds 58% of the country's wealth, with their wealth increasing by over Rs 20.9 lakh crore in 2017. This indicates that the wealth of the richest 1 percent is disproportionately high …

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