The income gap in the US is comparable to underdeveloped nations, with the top 20% receiving half of the income and those below the poverty line receiving only 3%. Scandinavian nations have low income gaps, while African nations have the largest. The top 10% of the world’s richest own 85% of assets.
Of the western industrialized nations, the income gap between rich and poor is largest in the United States. Indeed, the income gap in the United States is comparable to that of economically underdeveloped nations such as Cambodia, Ghana and Georgia. The wealthiest 20% in the United States receive about half of the income generated in the country, and those below the poverty line get only about 3%. This finding is especially disappointing because the percentage of Americans living below the poverty line is the highest since 1975.
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The countries with the largest income gaps are Namibia, Lesotho and Botswana. Indeed, the top six countries in terms of income inequality are African. The non-African country with the highest income gap is Bolivia, followed by Haiti.
The countries with low income gaps tend to be the Scandinavian nations: Denmark, Sweden and Norway are all in the top five, along with Japan and the Czech Republic.
The United Nations has reported that the top 10% of the world’s richest adults own 85% of its assets, and half of those are owned by the top 1%.
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