income inequality

• Income inequality refers to the unequal distribution of income across different groups in society, both within countries and globally.
• effects of globalisation on income distribution:

  • Globalisation has contributed to rising income levels across all groups, but it has disproportionately benefited the wealthiest individuals.
• • The bottom 50% of the global population saw a 94% increase in income, but they captured only 12% of total global growth.
• • The top 1% saw a 101% increase in income, capturing 27% of total global growth.
• Wealth, defined as the ownership of assets like property and financial securities, is even more unequally distributed than incom
• In 2016, the top 1% of the world’s wealthiest individuals owned 33% of the world’s wealth, while the bottom 75% owned just 10%.
• Wealth Concentration: Wealth is concentrated in developed nations, with the US holding 31% of the world’s wealth and China 16%.
• Globalisation raises the question of whether the unequal distribution of wealth and income is sustainable or if reforms should be implemented to better distribute the benefits of globalisation.