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These are the ten most unequal developed countries in the world These are the ten most unequal developed countries in the world
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The OECD has released a new report 'In It Together: Why Less Inequality Benefits All'. The UK is one of the most unequal developed nations in the world, according to a new report warning that such disparity stunts economic growth and damages the fabric of society.
The is paired with the latest data on the most unequal countries in the developed (OECD) world, according to their distribution of income. The OECD’s study 'In It Together: Why Less Inequality Benefits All' has revealed that income inequality rises both in times of prosperity, as well as when the economy is performing badly.
These are the most unequal countries in the world - higher is more unequal. It added that growth has disproportionately benefited high income groups, and left lower income households behind.
In turn, inequality has negatively affected GDP growth as the distance between the lower 40 per cent from the remainder of society becomes wider.
Across 34 member states, income inequality between 1985 and 2005 knocked 4.7 percentage points off cumulative growth between 1990 and 2010 on average, according to the study.
“Lower income people have been prevented from realising their human capital potential, which is bad for the economy as a whole,” an abstract to the study states.
To make their findings, researchers ranked inequality in the developed world according to the distribution of income.
The OECD says its findings raise social and political questions in addition to economic ones.
Researchers have urged world leaders to tackle resulting problems by developing problems targetting non-standard work and job polarisation in the; persistent gender gaps; and high wealth concentration.
Get the latest OECD data HERE.Get the latest OECD data HERE.
Additional reporting by AP