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MF News ‘Handful of Indian billionaires have more wealth than the AUM of India’s MF industry’

‘Handful of Indian billionaires have more wealth than the AUM of India’s MF industry’

India is home to 119 billionaires having net worth of over Rs.30 lakh crore.
Team Cafemutual Jan 22, 2019

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.

 

 

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