RICHEST 1% OWN 40.5% OF INDIA'S WEALTH

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India's top 1% owned more than 40.5% of its total wealth in 2021, according to a new report by Oxfam.

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In 2022, the number of billionaires in the country increased to 166 from 102 in 2020.

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The report added that the poor in India "are unable to afford even basic necessities to survive."

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More than 40% of the wealth created in the country from 2012 to 2021 had gone to just 1% of the population.

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While only 3% had trickled down to the bottom 50%.

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In 2022, the wealth of India's richest man Gautam Adani increased by 46%.

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Oxfam said that the country's poor and middle class were taxed more than the rich.

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Approximately 64% of the total GST in the country came from the bottom 50% of the population.

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While only 4% came from the top 10%.

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Oxfam recommended progressive tax measures such as wealth tax to correct the large wealth disparity.

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