A tiny slice of the global elite owns three times more wealth than the bottom half of the world’s population combined, a new study found.
A little under 60,000 multimillionaires, the top 0.001% on the planet, have an average of almost €1 billion ($1.2 billion), according to an analysis from the World Inequality Lab and the UN Human Development Report Office. Meanwhile, a person in the bottom 50% of the population only owns about €6,500 ($7,550).
The report looked at the World Inequality Database, an open-access resource for global income and wealth inequality, and new research to understand inequality across different areas including income, gender and politics.
The researchers saw that even though wealth has reached “historic heights,” it remains “very unevenly distributed,” with the richest 10% of people having the largest share in personal wealth and total income worldwide. They recommend governments use progressive taxes and transfers to reduce inequality.
“History, experiences across countries, and theory all show that today’s extreme inequality is not inevitable,” writes Nobel Prize-winning economist Joseph Stiglitz, who prefaced the report. “Progressive taxation, strong social investment, fair labor standards, and democratic institutions have narrowed gaps in the past—and can do so again.”
The study also found that women only earn 32% of what men earn per hour when considering unpaid domestic and care labor, relative to 62% when not accounting for these factors.
RECOMMENDED FOR YOU
Current Bull Market A 'Poor-To-Rich Cash Transfer', But Still Better Than F&O — Shankar Sharma Explains
Donald Trump Strikes 'Renewable' From National Renewable Energy Lab
Crypto Under Pressure, But 'Rich Dad Poor Dad' Author Recommends Buying Bitcoin — Here's Why
HNIs Looking To Leave India? Akshat Shrivastava Says It’s Not About Tax, Hints At A Bigger Impact
POPULAR