India's 63 billionaire wealth exceeds the country's budget

World's 2153 billionaires have more than 4.6 billion people: CEO of a top technology company earns Rs 106 per second: The issue of economic inequality was raised on the first day of the meeting.

(PTI) Dawas, Ta. January 20, 2020, Monday

1 per cent of India's population has four times more wealth than the total wealth of 95.3 million people, which means that 1 per cent of the population has more than four times the wealth of 70 per cent of the country's population. On the other hand, the wealth of billionaires of the country is more than Rs 24,42,200 crore of India's total budget for 2018-19.

At the 50th annual meeting of the World Economic Forum (WEF) organized in Davos, the report titled 'Time to Care' states that 2153 billionaires in the world have more than 60 percent of the world's total population, or 4.6 billion people.

The report states that economic inequality in the world is steadily increasing. The number of billionaires has doubled in the last decade. However, in the last one year their total assets have declined.

Oxfam India CEO Amitabh Behr, who represents the Oxfam Confederation, said that the gap between rich and poor cannot be bridged unless policies are implemented to eliminate inequality. Very few countries in the world are following this policy.

The five-day talks, which began today in Davos, will cover the issue of income and gender inequality. The report warns of continued economic downturn.

However, global inequality has declined over the past 30 years. On the other hand, household income inequality has increased in many countries. The report states about India that the total wealth of 63 billionaires is over Rs 24,42,200 crore in the total budget of India's fiscal year 2018-19.

The report states that the top CEO of a technology company earns the same amount of money as a female domestic servant earning 22,277 years. The CEO of a technology company earns more than what a domestic servant earns in a year, in just ten minutes.

The CEO of a technology company earns Rs 106 a second. The 22 richest people in the world have more wealth than African women. If the world's wealthiest people pay 0.5% more tax, then 11.7 million jobs could be created in the next ten years.