Oxfam Report Highlights UK's Massive Wealth Extraction from India During Colonial Era

A recent report by Oxfam International has unveiled that between 1765 and 1900, the United Kingdom extracted approximately $64.82 trillion from India during its colonial rule. Of this staggering amount, $33.8 trillion—over half—was appropriated by the wealthiest 10% of the British population. This concentration of wealth is so immense that it could theoretically cover London's surface area nearly four times over with £50 notes.

The report, titled "Takers, not Makers," was released ahead of the World Economic Forum Annual Meeting in Davos. It emphasizes the enduring impact of colonialism on present-day economic disparities, asserting that historical patterns of wealth extraction have perpetuated systemic inequalities. Oxfam highlights that the modern multinational corporation has roots in colonial enterprises, such as the East India Company, which operated with significant autonomy and was implicated in numerous colonial atrocities.