Richest 1% Indians Hold 51% Wealth: Oxfam Boss Explains Why
Oxfam's Global Inequality report has some startling details on India. It says "India's top 10 per cent of the population holds 77.4 per cent of the total national wealth. The contrast is even sharper for the top 1 per cent that holds 51.53 per cent of the national wealth". Speaking to NDTV in Davos, Executive Director of Oxfam International Winnie Byanyima said, "It is not by accident, it is the governments (globally) who are fuelling this kind of inequality... by failing to tax rich individuals and big companies." She said 262 million children are out of schools and if billionaires "were to pay just 0.5 per cent more tax on their wealth, all the 262 million children would be in classrooms".
