Along with economic prosperity, the transformational force of globalization and technological advancement have given rise to income inequality in developed as well as emerging markets. Reducing extreme economic inequality and mitigating its polarizing effect is likely to be one of the greatest global challenges in our time. But economic gaps have continued to grow as the very richest amass unprecedented levels of wealth. The world’s richest 1 percent, own 45 percent of the world’s wealth. The United States is by far the most top-heavy, with much greater shares of national wealth and income going to the richest 1 percent than any other country. The world’s wealthiest individuals, those owning over $100,000 in assets, total less than 10 percent of the global population but own 84 percent of global wealth.
Economic disruptions and the widening of inequality over the past several decades have affected large segments of the population across the globe. Reducing inequality requires transformative change. Both old and new measures and interventions may be needed to counter disparities and strengthen inclusive growth. Greater efforts need to be exerted for social protection and creation of decent jobs especially for young people, migrants and other vulnerable communities. As each country has a different situation than other, consensus-building around this issue is vital at the national level among policy makers, business leaders, and citizens. We can ensure equal opportunity and reduce inequalities of income if we eliminate discriminatory laws, policies and practices.
Our extensive work with governments and policy makers around the world gives us an in-depth understanding on economic inequality and adept in working with various partners to address factors driving the inequality crisis.Economics