Between 2018 and 2022, India is estimated to produce 70 new dollar millionaires every day, Oxfam said.Davos:Indian billionaires saw their fortunes swell by Rs 2,200 crore a day last year, with top 1 per cent of country's richest getting richer by 39 per cent as against just 3 per cent increase in wealth for bottom-half of population, an Oxfam study said on Monday.
Globally, billionaires' fortunes rose by 12 per cent or $2.5 billion a day in 2018, whereas poorest half of world's population saw their wealth decline by 11 per cent, international rights group said in its annual study released before start of five-day World Economic Forum (WEF) Annual Meeting in this Swiss ski resort town.
Oxfam further said that 13.6 crore Indians, who make up poorest 10 per cent of country, continued to remain in debt since 2004.
Asking political and business leaders who have gathered in Davos for annual jamboree of rich and powerful of world to take urgent steps to tackle growing rich-poor divide, Oxfam said this increasing inequality is undermining fight against poverty, damaging economies and fuelling public anger across globe.
Oxfam International Executive Director Winnie Byanyima, one of key participants at WEF summit, said it is "morally outrageous" that a few wealthy individuals are amassing a growing share of India's wealth, while poor are struggling to eat their next meal or pay for their child's medicines.
"If this obscene inequality between top 1 per cent and rest of India continues then it will lead to a complete collapse of social and democratic structure of this country," she added.
Noting that wealth is becoming even more concentrated, Oxfam said 26 people now own same as 3.8 billion people who make up 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 $112 billion and just 1 per cent of his fortune is equivalent to whole health budget for Ethiopia, a country of 115 million people.
"India's top 10 per cent of population holds 77.4 per cent of total national wealth.
The contrast is even sharper for top 1 per cent that holds 51.53 per cent of national wealth.
The bottom 60 per cent, majority of population, own merely 4.8 per cent of national wealth.
Wealth of top 9 billionaires is equivalent to wealth of bottom 50 per cent of population," Oxfam said while noting that high level of wealth disparity subverts democracy.Between 2018 and 2022, India is estimated to produce 70 new dollar millionaires every day, Oxfam said.
"It (survey) reveals how governments are exacerbating inequality by underfunding public services, such as healthcare and education, on one hand, while under taxing corporations and wealthy, and failing to clamp down on tax dodging on other," Oxfam India CEO Amitabh Behar said.
The survey also shows that women and girls are hardest hit by rising economic inequality, he added.
"The size of one's bank account should not dictate how many years your children spend in school, or how long you live -- yet this is reality in too many countries across globe.
While corporations and super-rich enjoy low tax bills, millions of girls are denied a decent education and women are dying for lack of maternity care," Ms Byanyima said.According to Oxfam report, India added 18 new billionaires last year, raising total number of billionaires to 119, while their wealth crossed $400 billion (Rs 28 lakh crore) mark for first time.It rose from $325.5 billion in 2017 to $440.1 billion in 2018, making it single largest annual increase since 2008 global financial crisis.
Oxfam further said getting India's richest 1 per cent pay just 0.5 per cent extra tax on their wealth could raise enough money enough to increase government spending on health by 50 per cent.
It said combined revenue and capital expenditure of Centre and states for medical, public health, sanitation and water supply is Rs 2,08,166 crore, which is less than country' richest man Mukesh Ambani's wealth of Rs 2.8 lakh crore.
Globally, Oxfam said 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 poorest people, Oxfam said.
The rights group said in many countries including India, a decent education or quality healthcare has become a luxury only rich can afford.
"Children from poor families in India are three times more likely to die before their first birthday than children from rich families," it added.
Oxfam said its calculations are based on latest comprehensive data sources available publicly, including from Credit Suisse Wealth Databook and annual Forbes Billionaires List.