Meanwhile, around 735 million people are still living in extreme poverty. Yet inequality is not inevitable – it is a political choice. All these facts boil down to a single cause - gender inequality. Stay up-to-date by subscribing to our newsletter: Contact | Privacy | Cookies notice | Terms & Conditions. Published. When people talk about global income inequality there are a number of things that could be referred to. Our world's deepest pockets — "ultra high net worth individuals" — hold an astoundingly disproportionate share of global wealth. Some countries have reduced the numbers of people living in extreme poverty. They are also supporting the state through billions of hours of unpaid or underpaid care work, a huge but unrecognized contribution to our societies and economic prosperity. A prominent Filipino activist and political leader reflects on the history of global inequality trends and how to take power back from today's hyper-rich. Governments around the world must act now to build a new, human economy that values what truly matters to society, rather than fueling an endless pursuit of profit. All rights reserved. According to Oxfam, the wealth divide between the global billionaires and the bottom half of humanity is steadily growing. Please join us to demand world leaders to tax the rich fairly, invest in vital public services and lift women and girls out of poverty. In no other industrial nation does the richest 1 percent own more than 28 percent of their country’s wealth. The UN estimates that 71 million were pushed into extreme poverty in … When people talk about global income inequality there are a number of things that could be referred to. Their data also shows that adults with less than $10,000 in wealth make up 56.6 percent of the world’s population but hold less than 2 percent of global wealth. 3. Copyright © 2020 Oxfam International. Extreme inequality is out of control. For every 100 boys of primary school age who are out of school, 121 girls are denied the right to education. These policies hit the poor hardest. Source: Economic Policy Institute. 1. Your living conditions are much more determined by what is outside your control – the place and time that you are born into – than by your own effort, dedication, and the choices you have made in life. We know it ain't no Tik-Tok video but it’s a good investment of your time to learn something more about what is important and going to drive the political economy in the next several years. To fight inequality and beat poverty, we must make care count. In developing countries, a child from a poor family is twice as likely to die before the age of five than a child from a rich family. There are other inequalities, for instance in education or health. The Gini of 38.5 is significantly lower than the … Billionaires have now more wealth than the 4.6 billion people who make up 60 percent of the planet’s population. 5 shocking facts about extreme global inequality and how to even it up Our broken economy is widening the gap between rich and poor. Inequality affects kids for life. Two global groups have joined to create a first-ever yardstick for holding our world’s top politicos accountable, nation by nation, for narrowing our grand divides. Each year, 100 million people are forced into extreme poverty due to healthcare costs. 10 Facts about Global Inequality The richest 1% is twice as wealthy as the poorest 50% (World Inequality Report 2018, World Wealth and Income Database) Only 22.8 per cent of all national parliamentarians were women as of June 2016 (UNWOMEN) Yet inequality is not inevitable – it is a political choice. var divElement = document.getElementById('viz1582216150086'); var vizElement = divElement.getElementsByTagName('object')[0]; vizElement.style.width='650px';vizElement.style.height='527px'; var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); “Ultra high net worth individuals” — the wealth management industry’s term for people worth more than $30 million — hold an astoundingly disproportionate share of global wealth. If we take into account population growth inequality in developing countries, inequality has increased by 11 percent. 2. But 62 percent of the world’s millionaires continue to reside in Europe or North America, with almost 40 percent of these millionaires calling the United States home, according to the Global Wealth Report. Although their share of global income has declined somewhat since the 2008 financial crisis, at more than 20 percent it is still much higher than their 16 percent share in 1980. var divElement = document.getElementById('viz1582216313764'); var vizElement = divElement.getElementsByTagName('object')[0]; vizElement.style.width='650px';vizElement.style.height='527px'; var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); OECD statistics show that the top 1 percent in the United States holds 42.5 percent of national wealth, a far greater share than in other OECD countries. In September 2015, the world agreed to 17 Global Goals to build a sustainable, more equal world, including a goal to ensure a quality education for all. Global wealth inequality is even more startling, of course. The first group has 13% of the world's population and receives 45% of the world's PPP income. Global Inequality - Healthcare and Immunization. Individuals owning over $100,000 in assets make up less than 11 percent of the global population but own 82.8 percent of global wealth. But economic gaps have continued to grow as the very richest amass unprecedented levels of wealth. More. Inequality and Health. The vast bulk of them hold less than $5 million in assets. First, one might think of the inequality within countries across the world. Unequal opportunities translate into unequal lifelong outcomes by the time children reach the age of five. Only 4 cents in every dollar of tax revenue comes from taxes on wealth. In fact the sociology of development is a sub-field of the discipline that has long been interested in global inequality. The unpaid care work done by women is estimated  $10.8 trillion a year - three times the size of the tech industry. 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