UK stole $64.82 trillion from India during Colonial rule: 5 other shocking facts you probably don't know
A recent report by Oxfam International reveals a shocking truth. During colonial rule, the UK took around $64.82 trillion from India. Most of this wealth went to the richest 10% of people.
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The UK took a massive $64.82 trillion from India during 135 years of colonial rule. Shockingly, $33.8 trillion of this wealth went to just the richest 10% of people. This exploitation didn't end with colonialism. Big companies continue to take advantage of workers, especially in developing countries. They pay very low wages and provide poor working conditions, keeping inequality alive.
This stunning fact is part of Oxfam International's latest report on global inequality, released at the start of the World Economic Forum's annual meeting.
Oxfam's report "Takers, not Makers" reveals that many of the UK's wealthiest individuals owe their fortunes to a surprising source: government payouts to slave owners. When slavery was abolished, the UK government compensated the slave owners, and this money helped create the wealth of many rich Britons today.
Oxfam found that the UK's growing middle class was a major beneficiary of the wealth taken from colonial India over 100 years. After the richest 10 per cent took 52 per cent of the wealth, the middle class received another 32 per cent.
How Colonialism gave birth to modern multinational corporations
According to a report by Oxfam, many big companies today have their roots in colonialism. Modern multinational corporations owe their existence to colonial-era companies like the East India Company. These companies acted like they were above the law and committed many wrongs during the colonial era.
In 1750, India contributed around 25% to the world's total industrial production. But by 1900, this number had drastically fallen to just 2%
UK took $64.82 trillion from India
The report says that the UK took a huge amount of money, $64.82 trillion from India over 200 years when it was a British colony. This weakened India's ability to grow its industries.
Meanwhile, the world's billionaires got even richer in 2024. Their total wealth grew by $2 trillion, and 204 new billionaires were added. That's like 4 new billionaires every week.
The report also says that billionaires' wealth grew much faster in 2024 than in 2023. Each billionaire's wealth increased by $2 million every day, on average. The top 10 richest billionaires got even richer, with their wealth growing by $100 million daily.
World War I: Unlikely Cause for India's Industrial Growth
Surprisingly, World War I (1914-1918) helped boost industry in India and other colonies. When colonial trade was disrupted, colonies started producing more on their own. Areas that imported fewer British goods during the war saw more industrial jobs and growth - a trend that still exists today.
Dark Side of Colonialism: How Corporations Profited from Oppression
Oxfam reveals that colonialism was often driven by private companies seeking huge profits. These companies were given monopolies, making them extremely wealthy. Many even had their armies to brutally suppress rebellions. This model of corporate power, funded by rich investors, was born in the colonial era.
The report further noted that in India in 1875 the top earners were mainly European officers of the army and the administration, but by 1940 they were mainly traders, bankers, and industrialists.
The Lasting Scars of Colonialism: How India's diversity was erased
Oxfam calls the ongoing impact of colonialism a "fruit from the poisoned tree". In India, this legacy continues to affect language, caste, religion, and more. Only 0.14% of India's languages are used in schools, and the British formalized the caste system, making it more rigid. Divisions based on religion, gender, and geography were also exploited during colonial times, creating inequalities that still affect India today.
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