Question: According to the report “An economy for the 99%”published by rights group Oxfam-
(1) India’s richest 1% now holds a huge 58% of the country’s total wealth.
(2) Dilip Sanghvi is India’s richest man.
Which of the above statements is/are true?
(a) Only 1
(b) Only 2
(c) Both (1) and (2)
(d) None
Ans:(a)
Related facts:
- On 16 January 2017; International non-governmental organization released the report named “An economy for the 99%”.
- Oxfam report presented study on the growing inequality in the economy and its solution.
- New estimates show that just eight men own the same wealth as the poorest half of the world.
- The eight men owns wealth worth $426bn (£350bn), equivalent to the wealth of 3.6 billion people.
- The list is-
1. Bill Gates (US): Microsoft founder -$75 billion
2. Amensio Artega (Spain): The owner of Zara -$67 billion
3. Warren Buffett (USA): -CEO of Berkshire Hathaway-$60.8 billion,
4. Carlos Slim Helu (Mexico): The owner of Grupo Karaso -$50 billion
5. Jeff Bijos (US): Amazon founder -$45.2 billion
6. Mark Zuckerberg (US): Facebook co-founder -$44.6 billion
7. Larry Ilisn (US): Oracle co-founder -$43.6 billion
8. Michael Bloomberg (USA): The founder of Bloomberg -$40.0 billion - India’s total assets of $ 3.1 trillion (Rs 68 lakh crore) out of which 58% of the asset belongs to less than 1% of people.
- It shows that 57 billionaires in India now have same wealth ($216 billion) as that of the bottom 70% population of the country.
Top three in India are:
1. Mukesh Ambani -$19.3 billion
2. Dilip Sanghvi -$16.7 billion
3. Azim Premji-$15.0 billion - The incomes of the poorest 10% of people increased by less than $3 a year between 1988 and 2011, while the incomes of the richest 1% increased 182 times as much.
- According to the report in 2010, the 388 richest people owned the same wealth as the poorest 50%.
- This dropped to 80 in 2014 before falling again in 2015 to 62.
- In 2016 just eight people own the same wealth as the poorest half of the world.
Reference:
https://www.oxfam.org/sites/www.oxfam.org/files/file_attachments/bp-economy-for-99-percent-160117-summ-en.pdf
https://www.oxfam.org/sites/www.oxfam.org/files/file_attachments/bp-economy-for-99-percent-160117-en.pdf
https://www.oxfam.org/sites/www.oxfam.org/files/file_attachments/bp-economy-for-99-percent-160117-en.pdf