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Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
Income inequality contributes to wealth inequality. For example, economist Emmanuel Saez wrote in June 2016 that the top 1% of families captured 52% of the total real income (GDP) growth per family from 2009 to 2015. From 2009 to 2012, the top 1% captured 91% of the income gains. [76] Nepotism perpetuates and increases wealth inequality ...
A broader definition of wealth, which is rarely used in the measurement of wealth inequality, also includes human capital. For example, the United Nations definition of inclusive wealth is a monetary measure which includes the sum of natural, human and physical assets. [2] [3]
One percent of Americans earn about a quarter of the income and own 40% of the wealth. "Twenty-five years ago, the corresponding figures were 12% and 3%," writes Nobel laureate economist Joseph ...
Wealth is affected by movements in the prices of assets, such as stocks, bonds and real estate, which fluctuate over the short-term. Income inequality has significant effects over long-term shifts in wealth inequality. Wealth inequality is increasing: The top .1% owned approximately 22% of the wealth in 2012, versus 7% in 1978.
In economics, the Gini coefficient (/ ˈ dʒ iː n i / JEE-nee), also known as the Gini index or Gini ratio, is a measure of statistical dispersion intended to represent the income inequality, the wealth inequality, or the consumption inequality [2] within a nation or a social group. It was developed by Italian statistician and sociologist ...
"Wealth Inequality in America," a six-minute video produced by a YouTube user named "Politizane," casts an interesting angle on the plummeting savings rate. Set to depressing piano music and ...
The redistribution of wealth and its practical application are bound to change with the continuous evolution of social norms, politics, and culture. Within developed countries income inequality has become a widely popular issue that has dominated the debate stage for the past few years.