‘WEALTH OF 10 RICHEST INDIANS ENOUGH TO FUND HIGHER EDUCATION OF CHILDREN’

According to a new study, it has been found that the wealth of the 10 richest Indians is enough to fund school and higher education of children for over two decades (approx. 25 years). When most of the country was gripped by the Covid-19 pandemic, the combined fortunes of the Indian billionaires more than doubled during this period. The superrich count in the country has now shot up to 142, rising by 39 per cent.

The annual wealth inequality survey reported presented by Oxfam India at the Davos Agenda Summit of the World Economic Forum (WEF) said that an additional one per cent tax on the richest 10 per cent can provide nearly 17.7 lakh extra oxygen cylinders to the country. None of us can forget how there was a huge rush for oxygen cylinders and insurance claims during the second wave that struck last year.

On the other hand, a similar wealth tax on the 98 most-affluent families can finance Ayushman Bharat – world’s largest health insurance scheme, for more than seven years.

The report further finds that 142 Indian billionaires together own a wealth of $719 billion (over Rs 53 lakh crore). The richest 98 amongst them have the same wealth ($657 billion or nearly Rs 49 lakh crore) as the poorest 55.5 crore populace who are placed in the bottom 40 per cent.

It was found that if all of the top 10 richest Indians go on to spend $1 million every day, then it will take them 84 years to do away with their current wealth.