A recent report by Oxfam International has revealed that Britain extracted an astounding $64.82 trillion from India between 1765 and 1900. This figure surpasses India's current economy of $3.5 trillion and is more than double the size of the U.S. economy, which stands at $28 trillion. The report, titled 'Takers, not Makers,' was published on January 20, 2025, during the World Economic Forum, and it highlights the ongoing inequality rooted in colonialism. [431d2f92]
The report indicates that $33.8 trillion of the wealth looted from India went to the richest 10% in Britain, emphasizing the long-lasting impacts of colonial exploitation. The findings suggest that modern multinational corporations (MNCs), akin to the East India Company, continue to exploit countries in the Global South, where wages are reported to be 87-95% lower than those in the Global North. This stark disparity raises critical questions about economic justice and the legacy of colonialism in shaping contemporary wealth distribution. [431d2f92]
In light of these revelations, the growing wealth gap among billionaires, as reported in previous analyses, becomes even more concerning. In 2024, India's billionaires saw their wealth surge by 42%, reaching a total of $905 billion, while the broader economic growth slowed to 5.4%. This disconnect between the ultra-wealthy and the average citizen underscores the systemic issues that persist in the wake of colonial exploitation. [e30fe484]
Globally, billionaires added over $700 billion to their wealth in 2024, with significant increases noted among tech sector leaders. The wealth accumulation of billionaires has raised alarms about economic inequality, particularly as the average person faces stagnant wages and rising living costs. [deb893a4][7a8ed902]
The Oxfam report serves as a reminder that the roots of current economic disparities can often be traced back to historical injustices. As public pressure mounts for governments to address these inequalities, the need for systemic change becomes increasingly urgent. [431d2f92]