As per annual Oxafm held last year India's 1% rich corner 70% of wealth generation. The report says
- In India, it will take 941 years for a minimum wage worker to earn what the top paid executive at leading garmet firm earns in 1 year
- In US, it takes over 1 working day for the CEO to earn what the ordinary worker makes in a year
- This country has added 17 new billionaires last year taking the total number to 101
- Indian billionaires wealth increased to over 20.7 lakh crore - increasing during the last year by 4.89 lakh crore an amount sufficient to finance 85% of all states budget in education and wealth
- India's top 10% of population holds 73% of wealth
- 67crore Indians comprising of poorest half saw their wealth raise by just 1%
67 CRORE INDIANS SAW THEIR WEALTH RAISE BY JUST 1% which shows how corporate is controlling Indian economy making rich even more richer at the mercy of poor.
A recent survey has found that India’s rich are stingy. India ranked 106th in a survey of 145 countries and last among the eight countries included from South Asia, according to the World Giving Index, a study based on surveys carried out by Gallup.
India is poor but so is Mynamar, which ranked the highest in the world for generosity. The US is second, New Zealand third, Canada fourth and Australia fifth. The next five most generous countries are the UK, Netherlands, Sri Lanka, Ireland and Malaysia. The ranking sits badly with the fact that a record 90 Indians with a combined net worth of $295 billion featured in the 2015 Forbes Billionaires List. A report by consultancy Bain & Co found that Indians with high net wealth gave an average of 3.1 per cent of their income to charity which is about one third of what wealthy Americans give away each year.
The Giving Pledge, launched in 2010 by Warren Buffett and Bill and Melinda Gates to encourage billionaires to donate at least half of their wealth to charitable causes. As of August 2015, 137 billionaires across the world had signed up where as only 1 Indian has signed from among 137 billionaires who is the legendary Azim Premji of Wipro, in one of the meetings Premji said "I strongly believe that those of us who are privileged to have wealth should contribute significantly to try to create a better world for the millions who are far less privileged.". many rich Indians could easily do much more but they are selfish and care only for their own. This is a flaw in society. Your family is important but not your fellow Indians. Your concern extends only to you and yours. This explains why Mr Ambani could build his 27-storey home at a cost of $1 billion in Mumbai without realising the insensitivity of such a palace in a city where 60 per cent of the residents live in slums. The desire to help strangers or those not related to you is weak.
As the survey shows, the culture of philanthropy has yet to take root in India. It will be some time before you stop hearing about weddings that cost as much as sending a mission to Mars and hear instead about charity balls or fund-raising dinners that raised huge amounts.
It is very pathetic for a country like India has produced such a greedy businessmen who is playing with the fortunes of over 70% population.