India beats US, China, Germany, UK, Japan in THIS list, only one country is ahead, name is…, the list is of…

Oxfam Global Inequality Report: India ranks ahead of other major world economies like the United States, Germany, Brazil, China, Japan, UK, and others in the global wealth inequality list, according a latest report. As per the Global Inequality Report by Oxfam, the top 1 percent in India have a 41 percent share in the country’s overall wealth, with Brazil topping the list with 48.4 percent of its wealth being held by the top 1% of its population.

India tops global wealth inequality report

As per the Oxfam list, the US comes in at number three (34.3%), followed by China (31.1%), Germany (30%), South Korea (23.1%), Italy (23.1%), Australia (21.7%), France (21.2%), UK (20.7%) and Japan (18.8%).

According to the Oxfam report, the wealth of America’s top 10 richest people surged by a whopping $365 billion during the past one year, which means the uber rich added nearly $1 billion to their fortune on a daily basis, while the average annual income in the US is pegged at around 50,000 dollars.

Rich getting richer

For comparison, the Oxfam report noted that it would ten average income US citizens roughly 726,000 years to earn the same amount of wealth, which was made by the countries top 10 richest in a single year. The gigantic wealth gap showcases the widening gulf of inequality in developed and developing nations, even as the world’s richest man, Elon Musk, added a staggering $186 billion to his fortune in just one year, it said.

According to Rebecca Riddell, senior policy lead for economic and racial justice at Oxfam America, the wealth of the rich has skyrocketed at a time when the average middle class is finding it difficult to make ends meet due to rising inflation, high prices, and stagnating income.

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