Just 119 billionaires have more wealth than the AUM of the entire MF industry, shows the latest Oxfam Report on inequality of income. These individuals have a net worth of Rs.30 lakh crore, which is more than the AUM of MF industry (Rs.24 lakh crore).
In fact, these billionaires have added Rs.2200 crore a day over the last one year, says the report.
"India's top 10% of the population holds 77.4 per cent of the total national wealth. The contrast is even sharper for the top 1% that holds 51.53% of the national wealth. The bottom 60%, the majority of the population, own merely 4.8% of the national wealth. Wealth of top 9 billionaires is equivalent to the wealth of the bottom 50% of the population," Oxfam said.
While the top 1% of the country's richest became richer by 39%, bottom-half of the population saw 3% growth on their wealth.
Further, the report said that 13.6 crore Indians made up the poorest 10% of the country.
Mukesh Ambani continue to be the richest Indian. His net worth of Rs.2.80 lakh crore is more than the AUM of India’s third largest fund house - SBI MF (RS.2.64 lakh crore). Jeff Bezos, founder of Amazon, remained the richest man of the world with net worth of $ 112 billion.
