Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Canada welcomes "Israel" and Hamas's agreement to implement the first phase of Trump's plan to end the war.
Al-Dali to Al Mayadeen: The presence of resistance leaders at the negotiations and the signing of the agreement, after "Israel" attempted to assassinate them in Qatar, is a humiliation for the occupation.
Al-Dali to Al Mayadeen: The agreement will be signed in the presence of Resistance leaders, led by Hamas, with senior official Khalil al-Hayya set to sign the agreement.
Trump to Fox News: I believe Iran is going to be involved in the peace situation.
Trump: Gaza will be rebuilt.
Al Mayadeen's correspondent: The occupation forces continue their violations, and warplanes are entering Gazan airspace at this moment.
Al Mayadeen's correspondent: The fate of thousands of civilians and journalists remains unknown.
Al Mayadeen's correspondent: The occupation forces continue bombing various areas of the Gaza Strip.
Hamas: We renew our pledge to our brave prisoners and their families that they will remain at the heart of our priorities, and we will not rest until the last prisoner enjoys freedom.
Hamas: We are awaiting the final approval of the names ahead of announcing them through the Prisoners’ Media Office.

UK richest 10% claimed half of India's riches during colonial rule

  • By Al Mayadeen English
  • Source: News websites
  • 21 Jan 2025 11:27
  • 2 Shares
4 Min Read

Oxfam's "Takers not Makers" report reveals that $33.8 trillion of India's wealth went to Britain's richest 10% during colonial rule, devastating India's economy and fueling global inequality.

Listen
  • x
  • People reach for free food being distributed in New Delhi on February 16, 2011. (AFP)
    People reach for free food being distributed in New Delhi on February 16, 2011. (AFP)

Around $33.8 trillion of India's wealth went to the richest 10% in Britain during the colonial era, Oxfam has found in its new report, Takers not Makers.

The UK-based group said the amount would be enough to carpet London in £50 notes more than four times over, and is nearly half of the estimated $64.82 trillion taken from India from 1765-1900, as British Colonialism had ruled the country for more than 250 years until India's independence in 1947.

This extraction of wealth both enriched the richest 10% of the British Empire and benefited the UK's middle class, which received a further 32% of the funds.

Moreover, colonialism was responsible for the destruction of India's industrial sector and output, as colonial powers including Britain, France, Portugal, and the Netherlands implemented protectionist policies that targeted textiles from Asia, devastating India which in 1750 accounted for close to 25% of the global industrial output. The figure dropped to a mere 2% by the year 1900.

The report, which was released ahead of the annual meeting of the World Economic Forum in Davos, pointed out the lasting impact of colonialism on inequality and economic systems, affecting countries to this day. 

Oxfam said, "Legacies of inequality and pathologies of plunder, pioneered during the time of historical colonialism, continue to shape modern lives," adding, "Wealth transfers not just to the ultra-rich, but disproportionately to the ultra-rich in the Global North. Ours is the age of billionaire colonialism."

In a post on X (formerly Twitter), Oxfam Executive Director Amitabh Behar said we have entered an era of "billionaire supremacy," with the "jewel in the crown" being Donald Trump and Elon Musk.

"Just last year, billionaires have added $2 trillion to their wealth. This is three times faster than the previous year. Pretty much for the top ten billionaires, it’s 100 million every day."

Related News

Moving beyond The End of History

British empire killed 165 million Indians in 40 years: Study

We need an honest reckoning with the oligarchy problem. When we talk about oligarchs, we should be thinking about the ultra, ultra-wealthy, and their startling ability to shape rules in ways that benefit themselves, often at the expense of everyone else.

The unfortunate reality… https://t.co/AhSiE8XqOR

— Amitabh Behar (@AmitabhBehar) January 20, 2025

Billionaires’ wealth grows by $2 trillion in 2024

Oxfam's "Takers Not Makers" also shed light on the wealth being accumulated by billionaires, as it revealed that the world’s billionaires increased their wealth by $2 trillion (£1.64 trillion) in 2024, growing three times faster than in 2023. This equates to $5.7 billion (£4.7 billion) gained daily.

The report warns that the global economic system is enabling this rapid accumulation of wealth while nearly half the world’s population remains in poverty. Oxfam projects that the world could have five trillionaires within the next decade—a sharp rise from its earlier forecast of one trillionaire in the same period.

Oxfam highlighted a troubling disparity: While billionaire wealth skyrockets, the number of people living below the World Bank poverty line of $6.85 a day remains stagnant at 3.6 billion—44% of the global population. Extreme poverty disproportionately affects women, with one in ten living on less than $2.15 a day, meaning 24.3 million more women than men endure such conditions.

Progress in poverty reduction has stalled, and Oxfam asserts that reducing inequality could triple the pace of eradicating extreme poverty.

The UK leads the G7 nations in billionaire wealth concentration. Wealth among UK billionaires rose by £35 million daily to £182 billion in 2024, adding four new billionaires: Mark Dixon of IWG, Sunder Genomal of Page Industries, Donald Mackenzie of CVC, and Jim Thompson of Crown Worldwide.

Globally, the number of billionaires grew by 204 in 2024, reaching 2,769. Their collective wealth soared from $13 trillion to $15 trillion, marking the second-largest annual increase on record. The 10 richest men saw their wealth grow by an average of $100 million per day. Even if they lost 99% of their fortunes, they would remain billionaires.

Oxfam’s analysis indicates that 60% of billionaire wealth comes from inheritance, cronyism, corruption, or monopolistic practices, with 18% derived solely from monopoly power.

Its inequality policy lead, Anna Marriott, stated, "Last year we predicted the first trillionaire could emerge within a decade, but this shocking acceleration of wealth means that the world is now on course for at least five. The global economic system is broken, wholly unfit for purpose as it enables and perpetuates this explosion of riches, while nearly half of humanity continues to live in poverty."

She urged governments, including the UK, to adopt economic policies aimed at reducing inequality through higher taxation on the super-rich.

  • Oxfam
  • UK
  • United Kingdom
  • British Empire
  • India
  • Colonialism
  • British colonialism

Most Read

Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
Mossad’s secret role in Aldo Moro’s 1978 murder revealed

Mossad’s secret role in Aldo Moro’s 1978 murder exposed

  • Politics
  • 5 Oct 2025
The Palestinian resistance and the people of Gaza showed that after combating Israeli aggression for two years, they remain victorious in the face of oppression (Mahdi Rteil/Al Mayadeen English)

Al-Aqsa Flood two years on, a tale of victory

  • Politics
  • 6 Oct 2025

Coverage

All
War on Gaza

Read Next

All
An Israeli armored vehicle moves on a street of a local market during a military raid in the West Bank refugee camp of Balata, Wednesday, October 8, 2025 (AP)
Politics

Israeli settlers kill Palestinian youth near Ramallah amid raids

Russian Foreign Minister Sergey Lavrov speaks during the Moscow format consultations on Afghanistan in Moscow, Russia, Tuesday, Oct. 7, 2025 (AP)
Politics

Iran interested in resuming nuclear talks: Lavrov

International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during a news conference at the International Monetary Fund (IMF) headquarters in Washington, April 25, 2025 (AP)
Politics

IMF head flags US budget, Europe Defense spending challenges

Prime Minister of Italy Giorgia Meloni addresses the 80th session of the United Nations General Assembly, Wednesday, Sept. 24, 2025, at UN headquarters (AP)
Politics

Meloni faces ICC complaint over Gaza genocide complicity with Israelis

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS