Top 10 Wealthiest in the UK Extracted $33.8 Trillion from India (1765-1900): Oxfam Report
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Synopsis
According to an Oxfam report, the wealth extracted by the richest 10% in the UK from India between 1765 and 1900 amounts to $33.8 trillion today, showcasing the devastating impact of colonialism and its lasting effects on wealth distribution.
Key Takeaways
- UK's richest 10% extracted $33.8 trillion from India.
- Wealth reflects colonial exploitation.
- Modern corporations' roots trace back to colonialism.
- India's industrial output fell from 25% to 2%.
- Billionaire wealth surged by $2 trillion in 2024.
New Delhi, Jan 20 (NationPress) From 1765 to 1900, the top 10 percent in the UK amassed a staggering US$33.8 trillion in wealth extracted from India, equivalent to enough 50-pound notes to cover London's area nearly four times, according to an Oxfam global report released on Monday.
Authors Utsa Patnaik and Prabha Patnaik reveal that out of the total US$64.82 trillion drained from India during a century of colonial rule, US$33.8 trillion benefited the wealthiest 10 percent.
The report highlights that many of the UK's wealthiest individuals today can trace their fortunes back to the era of slavery and colonialism, particularly through compensations granted to affluent enslavers following the abolition of slavery.
“The foundation of modern multinational corporations lies in colonialism, initiated by entities like the East India Company, which operated beyond the law and committed numerous colonial atrocities,” the Oxfam report asserts.
In 1750, the Indian subcontinent represented about 25 percent of global industrial output, but this figure plummeted to a mere 2 percent by 1900.
“This drastic decline is attributed to Britain's enforcement of harsh protectionist measures against Asian textiles, effectively crippling India's industrial potential. Over 200 years, US$64.82 trillion was extracted from India by Britain,” the report highlights.
Globally in 2024, billionaire wealth surged by $2 trillion, resulting in the creation of 204 new billionaires, averaging nearly four new billionaires per week.
“Billionaire wealth expanded three times more swiftly in 2024 than in 2023, with each billionaire witnessing an average daily increase of $2 million. For the top 10 billionaires, their fortunes grew by US$100 million daily on average,” the report indicates.
Last year, Oxfam predicted a trillionaire within the next decade. If trends persist, there could be as many as five trillionaires emerging within that timeframe, it noted.
