World Inequality report, 2022
Part of: Prelims and GS-III – Economy
Context World Inequality Report (WIR), 2022 has been released recently.
- Published by: The World Inequality Lab at the Paris School of Economics.
- It provides estimates of global income and wealth inequality based on the most recent findings compiled by the World Inequality Database (WID).
Major findings of the report
- Most unequal region: MENA (Middle East and North Africa).
- MENA consists of Algeria, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates and Yemen.
- Europe has the lowest inequality levels.
- Nations have become richer, but governments have become poor.
- Wealth inequalities have increased at the very top of the distribution.
- The top 1% took 38% of all additional wealth accumulated since the mid-1990s, whereas the bottom 50% captured just 2% of it.
- Gender inequalities remain considerable at the global level, and progress within countries is too slow
- These inequalities are not just a rich vs. poor country issue, but rather a high emitters vs low emitters issue within all countries.
- India is among the most unequal countries in the world, with rising poverty and an ‘affluent elite.’
- The top 10% and top 1% in India hold 57% and 22% of the total national income respectively while the bottom 50% share has gone down to 13%.
- The average national income of the Indian adult population is Rs 2,04,200.
- The share of female labour income share in India is equal to 18% which is significantly lower than the average in Asia (21%, excluding China) & is among the lowest in the world.