India's richest 1% have four times more wealth than bottom 70%, says Oxfam report. Majority of public distrusts capitalism, study finds.
The Many Have Less: Ahead of the 50th Annual Meeting of the World Economic Forum (WEF), rights group Oxfam has released its study "Time to Care", which found that the world's 2,153 billionaires have more wealth than the 4.6bn people - or 60% of the planet's population.
Regarding India, the report said the richest 1% of Indians hold more than four times the wealth held by the bottom 70% of the country's population (953m people). And the combined total wealth of 63 Indian billionaires is higher than the total Union Budget of India for the fiscal year 2018-19. Livemint
No Faith: Meanwhile, the "Edelman Trust Barometer", which for two decades has polled tens of thousands of people on their trust in core institutions, has sought to understand how the world viewed capitalism for the first time. The result? 56% of the 34,000 people from 28 countries that were polled agreed that "capitalism as it exists today does more harm than good in the world".
Among countries, lack of trust in capitalism was reportedly highest in Thailand and India at 75% and 74% respectively. Majorities prevailed in other Asian, European, Gulf, African and Latin American states. Only in Australia, Canada, the United States, South Korea, Hong Kong and Japan did majorities disagree with the assertion. BS
For similar banter on all things Finance, subscribe to "Transfin. Podcasts" on your favourite Podcast App.