The richest one percent of the country’s population owned more than 40.5 percent of the national wealth in 2021, while the poorest 50 percent accounted for only about three percent of the resources, the Scroll portal reflected.
In addition, the combined wealth of India’s 100 richest people reached about $665.355 billion dollars in 2022, the report titled ‘Survival of the Richest: India Supplement’ said.
The total opulence of the 10 richest Indians stood at around $338.333 billion dollars in 2022, 32.8 percent more than in 2021.
Also, the total number of billionaires increased in India from 102 in 2020 to 142 in 2021 and then rose to 166 in 2022.
In stark contrast, 229 million people live in poverty in India, the highest figure in the world, the report noted.
According to the research, the poorest 50 percent of the country’s population pays six times more in indirect taxes as a percentage of their income than the richest 10 percent.
Of the total taxes collected on food and non-food items, 64.3 percent goes to the bottom half of the population.
The country’s marginalized -dalits, adivasis, Muslims, women and informal sector workers – continue to suffer in a system that ensures the survival of the richest, the survey said.