India's richest 1% hold more than four times the wealth held by 953 million people who make up for the bottom 70% of the country's population, while the total wealth of all Indian billionaires is more than the full-year budget, stated a new study by Oxfam International.

Releasing the study 'Time to Care' ahead of the 50th Annual Meeting of the World Economic Forum (WEF), rights group Oxfam also said the world's 2,153 billionaires have more wealth than the 4.6 billion people who make up 60 per cent of the planet's population.

The report flagged that global inequality is shockingly entrenched and vast and the number of billionaires has doubled in the last decade, despite their combined wealth having declined in the last year.