During a century of colonial rule between 1765 and 1900, the UK extracted US$64.82 trillion from India, of which US$33.8 trillion went to the wealthiest 10%, which is enough to cover London almost four times over in 50 British pound notes. This is part of the latest major global inequality report from rights group Oxfam International, released yearly on the foremost day of the World Economic Forum's annual meeting.

The report, which is titled 'Takers, Not Creators', was released hours before the annual meeting of the world's affluent and influential on Monday, mentioning several studies and research papers claiming that modern multinational corporations are simply a creation of colonialism.

"Legacies of inequality and pathologies of plunder, pioneered during the time of historical colonialism, continue to shape modern lives. This has created a deeply unequal world, a world torn apart by division based on racism, a world that continues to systematically extract wealth from the Global South to primarily benefit the richest people in the Global North," Oxfam stated.

Based on various studies and papers, Oxfam has estimated that between 1765 and 1900, 10% of the UK's affluent population derived wealth from India alone, worth $33.8 trillion in recent days money.

"This would be enough to carpet the surface area of London in British pound 50 notes almost four times over," it conveyed.

In the UK, a significant number of today's wealthy people believe their family wealth is linked to slavery and colonialism, mainly the compensation paid to wealthy enslaved people during the abolition of slavery, it added.

Mentioning the modern multinational corporation as a creation of colonialism, Oxfam articulated it was driven by corporations like the East India Company, which itself became a law and was liable for many colonial crimes.

"In the modern day, multinational corporations, often occupying monopoly or near-monopoly positions, continue to exploit workers in the Global South, particularly women workers, on behalf of rich shareholders primarily based in the Global North," it further stated.

Global supply chains and export-oriented industries are often seen as modern-day systems of wealth extraction, reminiscent of colonial practices, where wealth moves from the Global South to the Global North.

According to the report, workers in these supply chains frequently endure poor working conditions, limited access to collective bargaining, and inadequate social protection. It highlighted a stark wage disparity, noting that earnings in the Global South are 87% to 95% lower than those in the Global North for jobs requiring the same skill level.

Large multinational corporations dominate these supply chains and benefit significantly from inexpensive labour and the ongoing exploitation of resources from the Global South. The report stated that these corporations claim the lion’s share of profits while maintaining economic dependence, exploitation and control over these regions.

On the topic of wealth extracted from India by the UK during over a century of colonial rule (1765–1900), Oxfam noted that aside from the wealthiest individuals, the emerging middle class was a significant beneficiary of colonial exploitation. While the most affluent 10% accumulated 52% of the income from colonial extraction, the middle class claimed an additional 32%.

The report also observed that in 1750, the Indian subcontinent contributed approximately 25% to global industrial production. However, by 1900, this figure had plummeted to just 2%. Oxfam attributed this sharp decline to Britain’s strict protectionist policies targeting Asian textiles, which deliberately stifled India's industrial growth.

Ironically, it took a global conflict to ease this industrial suppression temporarily. During World War I (1914–1918), disruptions in colonial trade inadvertently spurred industrial growth in the colonies. The report noted that regions experiencing significant reductions in British imports during the war saw notable increases in industrial employment, a pattern that persists even today.

Oxfam further emphasised the role of private multinational corporations in colonial expansion. Often backed by wealthy shareholders, these companies reaped enormous profits from overseas ventures. Many corporations were granted monopolies and employed private armies to suppress local resistance. For instance, the East India Company, one of the most prominent colonial enterprises, maintained a private army in India, numbered 260,000 soldiers, twice Britain’s peacetime army.

"They engaged in land dispossession, violence and mergers and acquisitions, driving globalisation and contributing to the creation of the world's first global financial system. Financial markets, especially in London, facilitated these colonial behemoths," Oxfam stated.

Between the 1830s and 1920, an estimated 3.7 million individuals from India, China, Africa, Japan, Melanesia, and other regions were transported as indentured labourers to work on colonial plantations, in mines, and on infrastructure projects, the report highlighted.

It also observed that in India, during 1875, the highest earners were predominantly European officers serving in the army and administration. However, by 1940, this group had shifted to traders, bankers and industrialists.

The report further noted that even after independence, wealth and political influence in many Global South nations remained concentrated among the wealthiest segments of society. It pointed out that extreme poverty and immense wealth often exist, separated by barriers such as electric fences, golf courses, and other physical divides.

"The inequality that these countries experience today is significantly of colonial making," Oxfam conveyed.

Oxfam described the enduring effects of colonialism as a "fruit from the poisoned tree," highlighting that only 0.14% of India's mother tongues are used as mediums of instruction. In comparison, just 0.35% are taught in schools.

The report emphasised that colonialism exacerbated and entrenched various social divisions, such as caste, religion, gender, sexuality, language, and geography. During British rule in India, the caste system was formalised through legal and administrative measures, solidifying its rigid structure.

Oxfam also referred to the British state as a "colonial drug pusher," drawing parallels to modern corporate greed in the opioid crisis. The report noted that the British and Dutch East India Companies used the opium trade to strengthen their colonial dominance.

Industrial-scale opium production was promoted in eastern India, where the British East India Company maintained a monopoly from 1757, later transferred to the Crown in 1873. This led to large-scale opium exports to China, ultimately sparking the Opium War and initiating China’s "century of humiliation." By the mid-19th century, opium constituted over half of China’s imports and was the British Raj's third-largest revenue source after salt and land taxes.

Regions in India associated with poppy cultivation saw lower per-capita spending on health and education under British rule, fewer schools, and a higher police presence. These areas suffer worse literacy rates and inadequate public services than neighbouring regions.

Oxfam pointed out that countries in the Global South have also suffered from "biopiracy," or the unauthorised and uncompensated exploitation of genetic resources for profit. The report cited the 1994 patent by US multinational WR Grace on a neem seed extract used in its antifungal spray, Neemex, despite neem’s long-standing use in India for over 2,000 years in insect repellents, soaps, and contraceptives. After a decade of legal challenges, the European Patent Office revoked the patent.

Oxfam also discussed the environmental legacy of colonialism, arguing that the exploitation of fossil fuels, which began in that era, has pushed the world to the point of climate disaster.

The report delved into the partitioning of the Ottoman Empire and India by colonial powers, noting the devastating consequences. It cited studies showing 59 million excess deaths in India under British rule between 1891 and 1920.

During World War II, grain import restrictions, influenced by racist attitudes, are believed to have caused or worsened the Bengal famine of 1943, which claimed approximately three million lives in India and Bangladesh. The report suggested that recurrent cycles of starvation during colonial rule may have led to metabolic adaptations, contributing to higher rates of obesity and type 2 diabetes among affected populations.

Even today, the Global North maintains dominance in global governance despite nominal equality between nations in international institutions. Oxfam criticised the WTO for failing to address the needs of the Global South, benefiting northern countries and their corporations.

During the COVID-19 pandemic, a South African and Indian proposal for a complete waiver of intellectual property restrictions on life-saving vaccines and technologies was supported by over 100 nations but was blocked by wealthy countries.

Finally, the report highlighted how the World Bank and European development finance institutions, in collaboration with private capital from the Global North, are driving the privatisation and financialisation of public services in the Global South.

Oxfam stated that the World Bank's International Finance Corporation (IFC) has provided funding for high-end private hospitals in urban areas of India. This comes in a country where 37% of the population faces catastrophic health expenditures at private hospitals and widespread human rights abuses persist in the healthcare sector.

Discussing the role of military power in perpetuating colonial inequality, Oxfam highlighted that during the East India Company’s rule in India, nearly 75% of government expenditures were allocated to military operations. In comparison, only 3% was spent on public works on average.

This lack of investment in essential infrastructure was evident in neglecting irrigation systems, which reduced agricultural productivity and heightened the impact of famines and droughts. Oxfam noted that using overwhelming force to maintain control continues into the modern era.