Income inequalities are getting worse in the economy

The divide between the wages of the rich and the poor is growing in nearly all of the world’s leading economies, according to think tank the OECD.Income inequalities are getting worse in the economyResearchers examined 22 countries and found that inequality grew in 17 of them between the 1980s and the financial crisis of 2008.

Chile, Mexico, Turkey and the United States were the most unequal nations.

Inequality rose fastest in the the UK – it peaked in 2000, then fell, but is now rising again.

Even traditionally egalitarian countries such as Germany, Denmark and Sweden have experienced a growing wealth gap in recent decades.

The OECD found that globally, the richest 10% of the population earns nine times more than the poorest 10%.

In the UK, the richest 1% has seen their incomes double since the 1970s.

The average annual income for the richest 10% of British people in 2008 was £55,000 – which is 12 times higher than the average for the bottom 10%.

The OECD say that changes in the labour market over the last 30 years are to blame.

Similar trends were observed in periods of growth and during recessions.

The organisation recommends that governments around the world invest to create better quality jobs and to improve the skills of workers.

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December 8, 2011 · Home Based Jobs · Comments Closed
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