US citizens have a higher median income than citizens of other nations, with the poorest Americans better off than those in Brazil, China, and India. The bottom 5% of US citizens are wealthier than almost 70% of the rest of the world. Income inequality exists within nations as well as between them.
United States citizens enjoy a much higher median income than citizens of a number of other nations, according to research documented in Branco Milanovic’s book The Haves and Have Nots. Indeed, the poorest Americans living in the United States are better off financially than people living in Brazil, China and India. Overall, US citizens who make up the bottom 5% of the nation’s income are wealthier than just under 70% of the rest of the world’s citizens. When factors such as gross domestic product (GDP) are considered together with the country’s average income or individual GDP, the degree of income inequality is even more evident.
Examples of income inequality:
Overall, US citizens remain the wealthiest in the world. While the top 5% of Brazilians come close to the income of the top 5% of US-based Americans, their wealth or net worth isn’t that close. With Brazil considered an emerging nation in terms of investment opportunities, this could change over time.
At the other end of the spectrum, the poorest Americans in the bottom 5% income bracket still enjoy a greater level of wealth than the richest 5% of the Indian nation.
Income inequality does not only exist between countries but also within most nations. The contrasts can be significant, with poorer citizens living in what can be described as primitive conditions, while wealthier citizens enjoy high standards of living that include easy access to the best technologies and general goods and services.
Protect your devices with Threat Protection by NordVPN
