British Loot in India: A Staggering $64.82 Trillion Stolen, Enough to Carpet London Four Times Over
India endured nearly 200 years of British rule, with the British arriving as traders but ultimately draining the nation of immense wealth. A report by Oxfam reveals that between 1765 and 1900, the British siphoned off a staggering $64.82 trillion from India.
Where Did This Fortune Go?
This colossal sum, enough to carpet the entire surface of London four times over with £50 notes, is more than double the GDP of the United States, which stands at $30.34 trillion according to Forbes.
The Oxfam report, titled “Takers, not Makers,” indicates that a significant portion of this looted wealth, approximately $33.8 trillion, ended up in the hands of Britain’s wealthiest 10%. The British government provided substantial compensation to the wealthy to maintain a racially biased system, further enriching this elite group.
This exploitation of India fueled the rise of Britain’s middle class as well. After the wealthy elite, this class benefited the most from the wealth extracted from India over more than a century. Of the total amount, 52% went to the richest 10%, while 32% benefited the middle class.
Devastation of Domestic Industries
Oxfam highlights that British policies devastated India’s domestic industries. In 1750, the Indian subcontinent contributed about 25% to global industrial output, but by 1900, this share plummeted to a mere 2%.
The report also points out that the Dutch and British colonial powers used addiction to solidify their control over colonized populations. The British cultivated opium in India and exported it to China. Drawing on various studies and research papers, the report suggests that modern multinational corporations are a legacy of colonialism.
A Once Prosperous Economy
India was once one of the world’s wealthiest economies. The British arrived as traders, exploiting the divisions among local rulers to gradually amass power. They annexed numerous princely states and ruled for nearly 200 years.
The East India Company, established in the 1600s with 250 investors and an initial investment of £68,373, played a key role in this plunder, with the company and the British government looting £45 trillion from India. According to British economist Angus Maddison, India’s share of global income was 27% in 1700, while Europe’s was 23%. By 1950, India’s share had dwindled to a mere 3%.
