Indian billionaires hold more wealth than full-year Budget, finds report
What's the story
In a glaring reminder of income inequality, a new study has found that the total wealth of India's 63 billionaires exceeds the Union Budget of India for the fiscal year 2018-19.
The revelation was made by the rights group Oxfam in its 'Time to Care' study ahead of the 50th Annual Meeting of the World Economic Forum.
Here are more excerpts from the study.
Details
Wealthiest 1% richest than 70% of India's population
According to the Oxfam study, 63 Indian billionaires hold more wealth than FY18-19 Budget (Rs. 24,42,200 crore).
The report added that just 1% of India's richest are four times richer than the bottom 70% of people, which comprises 953 million people.
Notably, this trend is observed across the world where 2,153 billionaires hold more wealth than 60% of the planet's population (4.6 billion people).
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Today's extreme wealth founded on sexism: Oxfam
Reportedly, although the combined wealth of billionaires has declined in the past year, the number of billionaires has actually risen. The Oxfam report finds that today's extreme wealth is "founded on sexism."
Gender inequality
Women's unpaid care work contributes $10.8 trillion/year to global economy
According to the report, a sexist economic system enables taking money from the many and giving it to a few.
The report said that such sexist economies disempower women and girls and rely on them for unpaid work.
Reportedly, women and girls put in 12.5 billion hours of unpaid care work every day, contributing an annual $10.8 trillion to the global economy.
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Tech CEO can earn domestic worker's annual income in 10mins!
A female domestic worker would need to work for 22,277 years to make the annual income of a top tech firm CEO, Oxfam found. Contrarily, it would take a tech CEO just 10 minutes to earn the annual income of a domestic worker.
Care economy
Investing in this care economy can create 11 million jobs
In India, women and girls contribute at least Rs. 19 lakh crore every year through unpaid care work. This is 20 times higher than India's 2019 education budget of Rs. 93,000 crore.
How could we dismantle this flawed system? Oxfam suggests that direct public investments of 2% of the GDP in this 'care economy' can create 11 million new jobs.
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Imposing 0.5% more tax on richest could create 117mn jobs
Oxfam observed that governments are under-taxing the wealthiest individuals and corporations, whose contribution could help quell income inequality. Just 0.5% extra tax on the richest over the next decade could help create 117 million jobs in education, health, elderly and childcare sectors.
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Hidden unpaid care work keeps economy running: Oxfam India CEO
Oxfam India CEO Amitabh Behar said, "The gap between rich and poor can't be resolved without deliberate inequality-busting policies, and too few governments are committed to these."
Speaking on sexism, Behar said, "[Women/girls] spend billions of hours cooking, cleaning and caring for children and the elderly. Unpaid care work is the 'hidden engine' that keeps the wheels of our economies, businesses and societies moving."
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'Women who have little say trapped at bottom of economy'
Behar added, "It is driven by women who often have little time to get an education, earn a decent living or have a say in how our societies are run, and who are therefore trapped at the bottom of the economy."