UK’s Richest 10% Extracted Over Half of Colonial Wealth From India: Oxfam Report
A new report by Oxfam has shed light on the staggering wealth extracted by the United Kingdom during its colonial rule in India between 1765 and 1900. The report, titled Takers, Not Makers, reveals that $64.82 trillion was drained from India during this period, with 52% of this wealth benefitting the richest 10% of the UK population. Released at the World Economic Forum in Davos, the Oxfam report underscores how colonialism not only shaped global inequality but continues to influence economic structures today.
Unearthing the Colonial Wealth Pipeline
Oxfam report analysis highlights that $33.8 trillion, adjusted to current monetary values, directly enriched the wealthiest Britons. The organization painted a grim picture of how systemic exploitation underpinned colonial dominance, describing the UK as a “colonial drug pusher” due to the British East India Company’s opium trade. This trade not only devastated India but also triggered international conflicts like the Opium Wars.
Economic and Social Aftershocks
Colonial policies systematically dismantled India’s economy, reducing its share in global industrial output from 25% in 1750 to a mere 2% by 1900. Protectionist measures against Indian textiles further suppressed local industries. Public spending in colonized regions like Bengal, focused heavily on military expenditures, neglected essential infrastructure like irrigation systems, worsening famines and droughts.
Oxfam also highlighted the long-term socio-economic consequences of colonial policies. For instance, areas in India once used for opium cultivation remain underdeveloped, with lower literacy rates and inadequate public goods. These disparities continue to echo in modern India.
Corporations: The Colonial Legacy
The report underscores how modern multinational corporations evolved from colonial entities like the East India Company. These companies dominated trade routes, employed private armies, and laid the groundwork for global financial systems. Today, corporations often perpetuate inequalities through exploitative global supply chains, with wages in the Global South up to 95% lower than in the Global North for similar work.
Exploitation of Labor and Resources
The report draws parallels between historical colonial practices and present-day biopiracy. Oxfam cited cases like the 1994 patent controversy over neem seed extracts, a traditional Indian resource, highlighting how corporations continue to profit from indigenous knowledge without compensation.
Health and Environmental Impact
Oxfam connected colonial policies to health crises, such as the Bengal famine of 1943, which claimed three million lives. It also discussed how these periods of starvation may have contributed to higher rates of obesity and diabetes in modern South Asia. Additionally, the report linked the industrial-scale exploitation of fossil fuels during colonial times to today’s climate crisis.
Modern Inequalities Rooted in Colonialism
The report calls attention to the enduring dominance of the Global North in international organizations like the WTO and World Bank. Policies often favor corporations and nations in the North, further marginalizing the South. For instance, during the COVID-19 pandemic, rich nations blocked a South African-Indian proposal for waiving intellectual property restrictions on life-saving vaccines.
Oxfam’s report is a stark reminder of the long shadow cast by colonialism. While India and other formerly colonized nations grapple with socio-economic disparities, the wealthiest beneficiaries in the Global North continue to enjoy the fruits of this historical exploitation. The organization calls for systemic reforms to address these inequalities, including fair trade policies and the redistribution of global resources.
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