Once upon a time it was impossible to even think of what inequality looked like around the world. Today, it’s being assessed globally – and the pictures emerging are all too ugly.
The latest World Inequality Report, published on December 14, indicates that since 1980 the world’s richest 0.1 percent (7,000,000 people) have boosted their wealth by as much as the poorest half of mankind: 3.8 billion people. Since then, the richest 1 percent have ‘captured’ 27 percent of the world’s wealth growth; the 0.1 percent have gained 13 percent and the very top 000.1 percent (76,000 people) have ‘collected’ 4 percent.
The 100 researchers worldwide who contributed to the report found that inequality has worsened in both the European Union and the United States in the 40 years under review, but the situation is much worse in the United States.
The current annual income