The richest 1 per cent in India cornered 73 per cent of the wealth generated in the country last year, a new survey showed today, presenting a worrying picture of rising income inequality. Last year's survey had showed that India's richest 1 per cent held a huge 58 per cent of the country's total wealth -- higher than the global figure of about 50 per cent. The report titled 'Reward Work, Not Wealth', Oxfam said, reveals how the global economy enables wealthy elite to accumulate vast wealth even as hundreds of millions of people struggle to survive on poverty pay. It also said India's top 10 per cent of population holds 73 per cent of the wealth and 37 per cent of India's billionaires have inherited family wealth. Oxfam India CEO Nisha Agrawal said it is alarming that the benefits of economic growth in India continue to concentrate in fewer hands.

Source: dna January 22, 2018 05:57 UTC