Recently “World Inequality Report 2022” has been released.
This is a report released by the ‘World Inequality Lab’, prepared by a group of world’s leading economists.
Key Conclusions:
- The top 10% of the world’s wealthiest people currently account for 52% of global income, while the poorest half of the world’s population earns only 8.5% of global income.
- The Middle East and North Africa (MENA) has the highest levels of inequality, while Europe has the lowest levels of inequality.
- Globally, gender inequality is high and progress has been slow to improve within countries.
- The share of women in the total work income (labor income) was about 30% in 1990, and it is less than 35% at present.
- Levels of national average income are misleading/vague indicators of inequality.
- Some of the high-income countries have a high level of inequality (such as the United States), while other high-income countries have relatively equal status (such as Sweden).
- After a series of deregulation and liberalization programmes, that is, since the 1980s, income and wealth inequalities have been increasing almost everywhere.
India Specific Conclusion:
- In the year 2021, the income of the top 10 percent accounts for 57% of the total national income, while the share of the bottom 50 percent is only 13%.
- The share of female labor income is about 18%, which is lower than the average in Asia.
- The bottom 50% of the population in India is responsible for on average five times less emissions than the average person in the bottom 50% of the EU population.
Source – The Hindu
