New Delhi: In 2021, the richest 1 percent in India held about 40% of the nation's total wealth, according to a new report released on Monday, revealing a growing wealth gap in the second-most populous nation in the world.

The "Survival of the Richest" report by charity Oxfam, which was released on Monday to coincide with the start of this year's World Economic Forum in Davos, Switzerland, estimates that by 2022, there will be 166 billionaires in India, up from 102 in 2020.

According to a supplement report released by Oxfam India, billionaires in India also saw a 121 percent increase in wealth from the start of the COVID-19 pandemic until November of last year.

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According to the report, only 3% of the wealth created in India between 2012 and 2021 went to the bottom 50% of the population, while 40% went to just 1% of the population as a whole.

India now has 350 million hungry people, up from 190 million in 2018, and in 2022, widespread hunger is expected to be responsible for 65 percent of all child fatalities.

India has a population of 1.4 billion people overall. Amitabh Behar, CEO of Oxfam India, stated that the most recent data compilation revealed "a sobering reality."

This serves as a mirror to the nation and the world about the heartbreaking truth that (India) is truly turning into a nation only for the wealthy, Behar told Arab News. Behar urged "immediate, concrete actions," stating that the "enormous" political and social repercussions of rising inequality must be avoided.

I even think we're facing a major crisis, he declared. These inequality levels are outrageous and unsustainable. The government needs to change its course because the current path will undoubtedly end in disaster and increased inequality.

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According to Oxfam's global report, the top one percent of the global population has accumulated nearly two-thirds of the $42 trillion in new wealth since 2020, nearly twice as much as the remaining 99 percent of the population as a whole.

According to the report, billionaires' net worth is rising by $2.7 billion per day. The richest man in India, Gautam Adani, saw a 46 percent increase in wealth in 2022. However, poor Indians paid higher taxes while the wealthy received tax breaks.

According to the report, the bottom 50% of the population contributed about 64% of the nation's total goods and services tax, while the top 10% contributed just 3%. However, according to economist Arun Kumar, the Oxfam report did not adequately reflect the reality of the situation in India. 

The study does not accurately reflect the extent of the income disparity, according to Kumar, who also noted that other income sources, such as those obtained illegally, are not included in the reported numbers.

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According to Kumar, India's growing income disparity is evident in the wealth inequality, which could cause the country's economy to grow more slowly. According to Kumar, income inequality causes a shortage of demand in the economy. "The economic situation would worsen and slow down."