1% Population Took Two-Thirds Of New Wealth Amid Covid: Oxfam Chief At Davos

Oxfam Executive Director Gabriela Bucher has said traditionally in most countries wealth has been concentrated to only one per cent of the population, but with the two years of the Covid pandemic, this has narrowed to two-thirds of total new wealth going to the one per cent. Oxfam on Monday released its latest inequality report that said 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. "The inequality between the rich and the poor has been increasing across nations. The fortunes of billionaires have been rising by $2.7 billion a day," Ms Bucher said.