World Inequality Report – 2022 talks about worldwide inequality

Our readers have read about the Global Inequality Highlights – an Oxfam report. Today we give you important highlights from the  World Inequality Report – 2022. This report is published by the World Inequality Lab. The analysis of data in this report is done by more than one hundred researchers around the world.

What is the Income Inequality?

Income inequality refers to unequal distribution of wealth and income.

What are the key highlights of the report?

1. The Middle East and North Africa also called the MENA region have the highest levels of income inequality whereas Europe has the lowest.
2. The wealth distribution amongst the richest is disproportionate. The top 1% of the richest took almost 33% of the wealth accumulated globally since the 1990s.
3. In Europe, the top 10% take around 36% of the income, whereas in MENA it reaches 58%.
4. In East Asia, the top 10% make 43% of total income and in Latin America, 55%.
5. The average income of the Indian adult earning population is 2 lacs per annum. While the bottom 50% earns approx ₹50000, the top 10% earns more than 11 lacs per annum.
6. The top 10% of the Indian adult earning population holds 57% of the wealth – similar to the MENA region.

Impact of COVID-19 on world inequality?

1. COVID-19 has affected every region in the world but with varying intensity.
2. Strict and long periods of Lockdown led to a lack of work for many. However, some people continued to earn due to the nature of their jobs. These jobs could be carried out through digital connectivity.
3. The author of the report says that in rich countries, the government has prevented a sharp increase in poverty whereas in poor countries this is not so.

What are the problems that arise out of income inequality?

Over a period, income inequality leads to a lack of opportunities for individuals. If all the people in the economy or community do not grow, then the overall economy suffers. It could lead to higher crime and law and order issues.

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