According to the report, top 1% of Indians hold more than 4 times the amount of wealth held by 953 million people (or the bottom 70% of the population).
Ireland has the fifth largest number of billionaires per capita in the world, Oxfam said in a report leading up to the World Economic Forum conference in the Swiss ski area of Davos earlier this week.
Commenting on the report, Jim Clarken, CEO of Oxfam Ireland, claimed that a sexist economy exists around the globe, saying: "Sexist economies are fuelling the inequality crisis - enabling a wealthy elite to accumulate vast fortunes at the expense of ordinary people".
The disparity stems from a flawed and sexist economic system. "The gap between rich and poor can not be resolved without deliberate inequality-busting policies and too few governments are committed to these", said Oxfam India CEO Amitabh Behar.
The richest 1% are more than twice as wealthy as 6.9 billion people, or almost 90% of the human population, the report estimated.
The report flagged that world inequality is shockingly entrenched and huge and the variety of billionaires has doubled within the final decade, regardless of their mixed wealth having declined within the final 12 months.
In the report, Oxfam reveals some startling facts on income and gender inequality in India.
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"They spend billions of hours cooking, cleaning and caring for children and the elderly".
3/4th of the total unpaid work is done by women the report said.
"It is important for us to underline that the hidden engine of the economy that we see is really the unpaid care work of women. It is driven by women who often have little time to get an education, earn a decent living or have a say in how our societies are run, and who are therefore trapped at the bottom of the economy", added Behar.
"Women are supporting the market economy with cheap and free labor and they are also supporting the state by providing care that should be provided by the public sector", the report states.
"If world leaders meeting this week are serious about reducing poverty and inequality, they urgently need to invest in care and other public services that make life easier for those with care responsibilities, and tackle discrimination holding back women and girls".
Governments are also underfunding vital public services and infrastructure that could help reduce the workload of this demographic, the report said. Oxfam puts the monetary value of unpaid care work, carried out by women aged 15 and over at some $10.8tn (£8.3tn) a year.
Behar said that to remedy the problem, governments should make sure above all that the rich pay their taxes, which should be used to pay for amenities such as clean water, health care and better schools.
Governments should prioritise care as being as necessary as all different sectors with a view to construct extra human economies that work for everybody, not only a lucky few, Mr Behar mentioned.