The Gini coefficient, or Gini index, is a statistical measure of income inequality developed by Italian statistician Corrado Gini in 1912. High inequality is perpetuated by a legacy of exclusion and the nature of economic growth, which is not pro-poor and does not generate sufficient jobs. For example, life expectancy in high income countries is an average of 82 years, while in low income countries it is just 64 years. Data for Croatia (income years 2009-2020) are included for the first time. Considerations to be given priority include updating its policy on national broadband in line with international best practice, fast-tracking spectrum licensing, and ensuring the independence and capacity of the Independent Communications Authority of South Africa. For example, the Gini coefficient in highly developed, high-income countries is often higherindicating less income equalitythan the Gini coefficient in least-developed or low-income countries. They help countries prioritize the most impactful actions that can reduce greenhouse gas (GHG) emissions and boost adaptation while delivering on broader development goals. However, there are exceptions to this rule: in some developed countries, such as the United States and Russia, the Gini coefficient is generally high. 08 June 2023: New data are available for Finland, Latvia (provisional), the Netherlands (provisional), Norway and Sweden (income year 2021); Austria, Belgium, Bulgaria, the Czech Republic, Estonia, Greece, Hungary, Ireland, Israel, Italy, Lithuania, Luxembourg, Poland, Portugal, Romania, Slovenia and Spain (income year 2020); Ireland, Italy and Poland (income year 2019). Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. Overall, the WBGs support is driven by increased private sector investments through the International Financing Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). Often, lower tax rates on profits arising from business than on the labor value of earners pushes up a country's Gini coefficient. This site uses cookies to optimize functionality and give you the best possible experience. The overall 2021 Country Policy and Institutional Assessment (CPIA) score for the regions 39 IDA-eligible countries remains unchanged at 3.1. The $750 million South Africa Covid-19 Response Development Policy Operation supports government efforts to accelerate its COVID-19 response, aimed at protecting the poor and vulnerable from adverse socio-economic impacts of the pandemic and promoting sustainable recovery. COVID-19 spread around the world and made existing inequalities worse. Survey estimates for 2020 should be treated with caution, as in most countries the survey fieldwork was affected by the COVID-19 pandemic. For example, the United States has a GNI per capita of over $70,000, while the GNI per capita in some low income countries is less than $1,000. It has also affected other infrastructure such as water, IT, and service delivery (health and education). Wealth Gini coefficient of India from 2000 to 2021 [Graph]. Wealth inequality is closely related to income inequality, which tracks the money people earn. If you continue to navigate this website beyond this page, cookies will be placed on your browser. In fact, the top 20% of high income countries are responsible for over 80% of the world's GNI. Most of the analysis is centered on the concept of income inequality as captured by the Gini coefficient, which is available for a large number of countries and relatively long periods. Data extracted on 07 Jul 2023 17:45 UTC (GMT) from OECD.Stat Based on World Bank data ranging from 1992 to 2020. (July 2022) World map of income inequality Gini coefficients by country. Supporting South Africas Just Energy Transition. The closer to 1 the coefficient is, the greater the wealth inequality. Wealth inequality, also known as the wealth gap, is a measure of the distribution of wealthessentially the difference between the richest of the rich and the poorest of the poorin a given country, state, city, or demographic group. The Gini coefficient incorporates the detailed shares data into a single statistic, which summarizes the dispersion of income across the entire income distribution. So far, more than 20 million people have received COVID-19 Social Relief of Distress (SRD) grants to mitigate the socio-economic impact of the pandemic on unemployed and informal sector workers who were not otherwise eligible for social grants or unemployment insurance benefits. The following table gives a ranking of the top 10 nations with a high Gini Coefficient: Countries with the highest Gini coefficients. Inheritance tax laws further ensconce wealth. Average net worth for all Australian households in 2019-20 was $1.04 million. The data is being progressively migrated to our new data dissemination platform OECD Data Explorer, which we would invite you to discover. For example, the United States has a GNI per capita of over $70,000, while the GNI per capita in some low income countries is less than . The top 1% of earners take home almost 20% of income and the top 10% take home 65%. World Economics has inverted the source index data so that 0 represents very high inequality levels and 100 represents perfect equality. Find out how good a country could be if it upgraded it's GDP data. Cambodia's Gini Coefficient Index is 45.4 and was most recently measured in 2019. Jul 20, 2021 This statistic shows a ranking of the estimated worldwide Gini index in 2020, differentiated by country. The Gini coefficient measures the deviation of the distribution of income (or consumption) among individuals or households within a country from a perfectly equal distribution. Estimated from unit-record consumption data. The Gini index is used to gauge economic inequality by measuring income distribution, also called wealth distribution. In 2020 alone, the report notes, global billionaires wealth increased by more about $4 trillion: Had a global tax been applied on such wealth, today these global billionaires would still be as rich as they were before the pandemic, yet global healthcare spending for an entire year could have been almost doubled. Just as the overall incomes of the world's richest and poorest countries can offer broad hints about the level of development in those countries, the level of income inequality in a given country can help indicate the quality of life for its average citizen. Data for high-income economies are mostly from the Luxembourg Income Study database. Additionally, while many countries in Eastern and Southern Africa enjoy a high concentration of resources (natural and human), many other African countries lack even basic resources such as arable land and clean water, which can hamper overall economic growth. The DPL supports the implementation of South Africas Economic Reconstruction and Recovery Plan, including priority reforms. by state U.S. 2020, Leading independent broker-dealers in the U.S. 2021, by gross revenue, Leading registered investment advisors in the U.S. 2021, by assets, Largest private wealth management teams in the U.S. 2022, by client assets, Asset allocation of high net worth individuals in North America 2021, Key purpose of wealth management for China's HNWIs by age 2018, Leading reasons for using family trust services by China's HNWIs 2020, Preferred channels for China's HNWIs to get private banking services 2018, by age, Essential factors when choosing financial institutions for private banking China 2018, HNWIs' awareness of family offices in China 2018, Female share in population of ultra high-net worth individuals in Europe 2014, Share of China's HNWIs' attitude on China's economic overall 2017-2018, Usage of discretionary family trusts by China's HNWIs 2018, Sources of wealth of China's young HNWIs as of 2018, Women's share in wealth of ultra high-net worth individuals in Europe 2014, Population of billionaires in the EMEA region 2016, by city, Value of ultra high-net worth individuals wealth in Italy 2013-2014, Factors considered when China's HNWIs choose account managers 2018, Desire of China's HNWIs for business transformation 2018, by sector, Population of billionaires in Europe 2015, by wealth size, Time to think about wealth inheritance by China's HNWIs 2018, Education level distribution of private banking HNWIs in China 2018, by age group, Reasons for preparing wealth inheritance by China's HNWIs 2018, Profession distribution of China's young HNWIs as of 2018, Find your information in our database containing over 20,000 reports. The report provides insights and shows South Africa has good potential to continue to grow and expand its digital economy by building on its strong foundations, in particularly by including playing a regional leadership role to boost digital infrastructure and skills. As part of a four-year Reimbursable Advisory Services agreement (2018-2022) for Infrastructure Investment and Integrated Urban Planning, the World Bank is providing targeted technical assistance to support the integration, implementation, and institutionalization of approaches and instruments to urban management in South Africa. The cumulative income or wealth of the population is plotted on the vertical axis. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. Policies can be designed to tackle inequality without negative repercussions for growth. As a Premium user you get access to the detailed source references and background information about this statistic. facts. Electricity supply shortages have constrained South Africas growth for several years. To use individual functions (e.g., mark statistics as favourites, set Show publisher information Distribution of family income - Gini index measures the degree of inequality in the distribution of family income in a country. We use cookies to ensure that we give you the best experience on our website. National income is the sum of all incomes received by individuals residents in a given country over a year. Examples of this are social healthcare systems and more favorable labor markets. If you continue to navigate this website beyond this page, cookies will be placed on your browser. The more nearly equal a country's income distribution, the lower its Gini index, e.g., a Scandinavian country with an index of 25. They also tend to have better governance and rule of law, which promotes economic activity and investment. Looking at wealth inequality by country, individually, the richest top 10% earn more than 60% of the total income in six African countries, but less than 30% in several Slavic and Nordic countries, with other countries in the European Unionnot far behind percentage-wise. TheWildlife Conservation Bond (WCB), also known as the Rhino Bond, (a $150 million IBRD bond) is the worlds first species impact bond linking investment return (under a bond issuance to conservation performance) to allow private and institutional investors to participate in a market that is historically a focus of donor and philanthropists. "Wealth Gini Coefficient of India from 2000 to 2021. It forms part of the WBGs Digital Economy for Africa Initiative (DE4A), a collaboration between the African Union and the WBG. Data are based on primary household survey data obtained from government statistical agencies and World Bank country departments. Additionally, high income countries often have better access to technology and infrastructure, which further boosts economic growth. According to the U.S. Census Bureau, the United States Gini coefficient was 48.9% in 2020. The Gini coefficient measures the inequality among . South Africa remains a dual economy with one of the highest and most persistent inequality rates in the world, with a consumption expenditure Gini coefficient of 0.67 in 2018. Its decarbonization and adaptation must be people-centered, creating jobs and protecting the poorest in the most unequal society in the world (a just transition), to build the necessary broad support in favor of reforms. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Supported also by Switzerlands State Secretariat for Economic Affairs, it is in line with South Africas National Development Plan and Integrated Urban Development Framework. If you continue to navigate this website beyond this page, cookies will be placed on your browser. "Wealth Gini coefficient of India from 2000 to 2021." Data for high-income economies are mostly from the Luxembourg Income Study database. Please try again or select another dataset. The project leverages significant financing from various development partners and sets the stage for future support for coal plant retirement in South Africa with anticipated Climate Investment Fund support of $500 million. Credit Suisse. A feasibility study and cost-benefit analysis for using bail-in as a recapitalization mechanism in South Africa (the Flac study) was published by the World Bank in December 2020 to provide guidance to the SARB on implementing bank resolution secondary legislation. Global inequality has fallen in the past three decades. Download all data featured on World Economics in a simple and consiatant format. The Gini Index is a statistical measure that is used to represent unequal distributions, e.g. Get quick analyses with our professional research service. In a departure from previous strategies, the government has signaled its intent to make greater use of International Bank of Reconstruction and Development (IBRD) financing under the CPF. The global environment remained supportive but increasingly severe domestic constraints led to GDP growth slowing to 2% in 2022 from 4.9% in 2021. The project aims to improve stewardship of the countrys rich biodiversity and to expand the benefits of protected areas for local communities by helping address high unemployment and limited livelihood opportunities, as well as inequality in rural economies. All rights reserved. 08 June 2023: New data are available for Finland, Latvia (provisional), the Netherlands (provisional), Norway and Sweden (income year 2021); Austria, Belgium, Bulgaria, the Czech Republic, Estonia, Greece, Hungary, Ireland, Israel, Italy, Lithuania, Luxembourg, Poland, Portugal, Romania, Slovenia and Spain (income year 2020); Ireland, Italy and Poland (income year 2019). However, in most countriesespecially advanced economieswithin-country inequality has increased. Incomes in South African remain to be racialized, gendered, and spatialized, meaning that white people are more likely to find work (and work that pays better) than their black counterparts; female workers earn about 30% less than male workers; and urban workers earn about double that of those in the countryside. Structural challenges and weak growth have undermined progress in reducing poverty, heightened by the COVID-19 pandemic. Such a missed opportunity at such a crucial timethen again, wealth does not automatically trickle down. The Gini coefficient is based on the comparison of cumulative proportions of the population against cumulative proportions of income they receive, and it ranges between 0 in the case of perfect equality and 1 in the case of perfect inequality. Data were revised for Latvia, the Netherlands and the United States (2020); Austria, Belgium, Bulgaria, Estonia, Greece, Hungary, Latvia, Lithuania, Luxembourg, Portugal, Romania, the Slovak Republic, Slovenia and Spain (2019). The top 10% of the population of the Middle East and Northern Africa, which have the greatest wealth inequality on the globe, captureroughly 58% of the total national income; in Sub-Saharan Africa, that share amounts to 56%and in Latin America and South and South East Asia to 55%. One reason is that these countries tend to have much stronger economies than other countries. Data for Croatia (income years 2009-2020) are included for the first time. Show sources information A value of 0. The Gini index, or Gini coefficient, is a statistical measure of wealth distribution developed by the Italian statistician Corrado Gini. But the U.S. also suffers from high levels of income inequality: According . Perfect equality means a country's total income is shared equally among its residents, whereas perfect inequality means a country's total income is owned by a single individual. If you continue to use this site we will assume that you are happy with it. World Bank, Poverty and Inequality Platform. WID.world, Paris. At the end of 2022, there were still close to half a million fewer jobs than at the end of 2019, with women and youth persistently more impacted. This statistic is not included in your account. Then you can access your favorite statistics via the star in the header. 2030 is only 8 years away, by making very modest assumptions about economic growth it is possible to project forward economic data to 2030. In fact, the top 20% of high income countries are responsible for over 80% of the worlds GNI. Search is too long (150 characters maximum), Gender, Institutions and Development Database, Gender, Institutions and Development Database (GID-DB) 2023, Social Institutions and Gender Index 2023, Social Institutions and Gender Index 2019, Gender, Institutions and Development Database (GID-DB) 2019, Gender, Institutions and Development Database 2014 (GID-DB), Gender, Institutions and Development Database 2012 (GID-DB), Gender, Institutions and Development Database 2009 (GID-DB), Social Protection and Well-being Archives, Data extracted on 17 Jul 2023 11:54 UTC (GMT) from, Current Well-being (average and deprivation), Current Well-being (horizontal inequality)-by sex, Current Well-being (horizontal inequality)-by age, Current Well-being (horizontal inequality)-by education, Public and Private Social Expenditure by country, Public expenditure on disability and sickness cash benefits, in % GDP, Public expenditure on family by type of expenditure (cash and in kind), in % GDP, Public expenditure on old-age and survivors cash benefits, in % GDP, Historical Gross Replacement Rates of unemployment benefits, PTR for families claiming Guaranteed Minimum Income (GMI) benefits, PTR for families claiming Unemployment Benefits, PTRs for parents claiming Guaranteed Minimum Income (GMI) benefits and using childcare services, PTR for families claiming Unemployment Benefits and using childcare services, Adequacy of Guaranteed Minimum Income benefits, Net childcare cost for parents using childcare facilities, Access to productive and financial assets, Gender Institutions and Development Database (GID-DB) 2019, Restricted Access to Productive and Financial Resources, Social Institutions and Gender Index 2014 (SIGI), Social Institutions and Gender Index (SIGI), Gender, Institutions and Development Database (GID-DB), Indicators of gender equality in entrepreneurship, Share of self-employed in the population of employed with tertiary education, by sex, Share of self-employed in the population of employed with foreign-citizenship, by sex, Share of the population with account in a financial institution, by sex, Positive business status and outlook, by sex, Attitude towards entrepreneurial risk, by sex, Access to training and money to start a business, by sex, Share of sole-proprietor enterprises owned by women, Share of self-employed in manufacturing or construction, by sex, Share of self-employed in services, by sex, Share of self-employed in the population of 20-29 year old employed, by sex, Share of self-employed who are between 20 and 29 years old, by sex, Share of self-employed who are employers, by sex, Share of self-employed who are own-account workers, by sex, Share of the population who report borrowing money to start a business, by sex, Indicators of gender equality in employment, Labour force participation rate, by sex and age group, Employment/population ratio, by sex and age group, Employment and unemployment rate, by sex and age group, quarterly data, Share of employed in part-time employment, by sex and age group, Share of employed in involuntary part-time employment, by sex and age group, Full-time equivalent employment rate, by sex, Share of employed in temporary employment, by sex and age group, Distribution of employment by aggregate sectors, by sex, Time spent in paid and unpaid work, by sex, Expected number of years in retirement, by sex, Female share of seats on boards of the largest publicly listed companies, Length of maternity, parental and home care leave, and paid father-specific leave, Enrolment rates in pre-primary education or primary school, children aged 3 to 5 year old, By country - Public policies for families and children, By country - The labour market position of families, By indicator - Public policies for families and children, By indicator - The labour market position of families, Monthly Monetary and Financial Statistics (MEI), Bilateral Trade by Industry and End-use (ISIC4), Gini (disposable income, post taxes and transfers), Standard error Gini (post taxes and transfers), Gini (market income, before taxes and transfers). Wealth inequality is a major cause of unequal living standards in many communities. World Bank, Poverty and Inequality Platform. Mathematically, the Gini coefficient is defined based on the Lorenz curve. Gini index | Data. The initiative aims to ensure that every individual, business, and government in Africa is digitally enabled by 2030. A higher number indicates greater inequality, with 1 being maximum inequality and 0 being perfect equality. All rights reserved. If you are an admin, please authenticate by logging in again. For more information and methodology, please see, Poverty headcount ratio at national poverty lines (% of population), Poverty gap at $3.65 a day (2017 PPP) (%), Poverty headcount ratio at $2.15 a day (2017 PPP) (% of population), Multidimensional poverty headcount ratio (% of total population), Multidimensional poverty headcount ratio, male (% of male population), Multidimensional poverty index, children (population ages 0-17) (scale 0-1), Poverty headcount ratio at $6.85 a day (2017 PPP) (% of population), Multidimensional poverty headcount ratio, household (% of total households), International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. However, according to the Economic Policy Institute, between 1979 and 2019 wages for the richest 1% in the U.S. have soared 160%, compared to the the share for the bottom 90%, which shrunk by about 9 percentage points. From these measures, we know that inequality has been rising in Ghana despite high and stable growth and a . statistic alerts) please log in with your personal account. Learn more about how Statista can support your business. The Gini Index is a measure of how equal a country's distribution of income is. A score of 0.4, which by most estimates China has surpassed years ago, is indicative of a highly unequal society. Classeditori, Sustainable Finance Awards 2023: Global Winners, World's Most Peaceful Country 2023 Global Peace Index, In Conversation with sgeir Jnsson | Central Bank of Iceland. High inequality can be detrimental for macroeconomic stability and for sustained long-term growth. Portion of affluent individuals investable wealth asset allocation worldwide 2022, Use of wealth managers worldwide 2021, by type of provider, Leading wealth managers worldwide 2020, by assets under management, Top reasons to select wealth managers worldwide 2021, Asset allocation of ultra and high net worth individuals worldwide 2022, Assets of HNWIs and UHNWIs worldwide 2020 by region and type, Asset allocation of family offices worldwide 2021, Alternative investments among wealth management clients worldwide 2021, by region, Alternative investments among wealth management clients worldwide 2021, by generation, Alternative investments among wealth management clients worldwide 2021, by wealth, Main financial goals dealt with by wealth managers worldwide 2019-2021, Technology improvements in investing according to HNWI 2021, by region, Primary mission of family offices worldwide 2021, Planned and taken wealth management actions by billionaires globally 2020, Number of households who are millionaires. The Gini index (or Gini coefficient)is a tool used to measure wealth inequality within a group or society. Perfect equality means a country's total income is shared equally among its residents, whereas . Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 1000+ markets in 190+ countries & territories, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 39,000+ online stores and marketplaces. The World Bank is supporting the implementation of a new wildlife initiative, a $8.9 million grant from the Global Environment Facility (GEF), to step up investment in South Africas wildlife and biodiversity sectors in the Kruger National Park, Addo Elephant National Park, and iSimangaliso Wetland Park. The project is financing the decommissioning and repurposing of the Komati coal-fired power plant, including: (i) decommissioning the plant, including demolition and environmental remediation of the site; (ii) repurposing the facility with innovative hybrid renewable technologies (wind, solar PV) and batteries; and, (iii) sustainably mitigating socio-economic impacts for workers and affected communities. Select filters: Country or Area (168) Angola 1837 records | Page 1 of 37 | Footnotes 1 - Based on data from HBS. World Bank, Poverty and Inequality Platform. All focus areas are approached through a lens of harnessing the digital economy, empowering women and girls, strengthening public sector institutions and governance frameworks, and promoting integration and cooperation in the region and continent. Statista. The pandemic added to the policies that create wealth inequality at global level: loose and lopsided regulation and enforcement around income tax laws and tax evasion, racial and gender discrimination and of all kinds, technology gaps, climate change, conflict and all the sad legacies of colonialism) and pushed down further those who were already struggling to stay afloat.
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