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So glad to release the World #InequalityReport 2022 today! It's been quite an adventure working on it, in the midst of a pandemics. The report comes with a wealth of data & its own website: http://wir2022.wid.world -check it out! If you're in a rush, here's what you need to know
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A word on the pandemics: it has exacerbated global inequalities at the top and the bottom. Billionaires’ wealth rose by more than €3.6 trillion during the pandemics while more than 100 million people are in extreme poverty because of the crisis.
In 2021, we find that the global top 10% captures 52% of global income, while the poorest half captures only 8.5% of the total. Wealth is much more concentrated than income: the top 10% captures 76% of all wealth and the global bottom 50%, just 2% of it (see the video).pic.twitter.com/bjsdQFXQSO
We observe a diversity of inequality regimes across the world. The top 10% income share varies between 35% (Europe) and 60% (MENA, S. S. Africa). The poorest half of the population earns 15-20% of incomes (Europe, East Asia) vs. less than 5-10% in the most unequal regions.pic.twitter.com/LJcYuiX7rf
Most of the differences in income inequality levels measured after taxes can be explained by differences in inequality before taxes. This highlights the key role of social policies to tackle inequality (i.e. access to public services like health, education or labor regulations)pic.twitter.com/T8TLUTwtpS
Indeed, social services need to be financed. Countries with low levels of inequality before taxes have large social states financed by taxes which represent 30-50% of GDP. In developing countries, taxes represent 5-20% of GDP. More on taxes below.
Here’s a striking & new result: while some countries do better than others to contain income inequality, all countries are very bad at limiting wealth inequality. Look for yourself: the bottom 50% wealth share is always below 5%. Half of the population almost doesn't own anythingpic.twitter.com/RGdqrOLW0V
At the global level, wealth creation has been very unequal over the past 25 years. The top 1% captured 38% of total wealth growth, the bottom 50% just 2% of it. The graph shows avg. annual growth rates across the world population. Growth rates were v. high for the v. wealthy.pic.twitter.com/vWVOHQy9VN
The good news is that there is no fatality to inequality. The graph below shows that Europe & the US were able to reduce top 1% shares over the 20th century, thanks to policies & not just wars. A lot has been done... & there is still a lot to do (especially on wealth inequality)pic.twitter.com/AFfuXXgkvU
Dear Lucas great report! One question: You seem to have population for Germany at 84.6m, our stat office has it at 83.1m per June 2021, do you have another source?
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