As much as there are billionaires about 2000+ in the world and many millionaires, it is no doubt that people struggling financially are exceedingly high. A lot of people have had issues with wealth inequality, some people say it isn’t fear that a billionaire flies in private jet while a struggling family can’t afford dinner. Do you think world inequality is a bad thing and do you think that one side of the coin affects the other?
Wealth inequality isn’t something that started recently, in several ancient economies, there used to be the rich and the poor and it had never been an issue not until recently that the inequality gap is widening. I start to wonder if wealth now grows in the hands of the rich exponentially as it is no doubt that the world’s richest 10 people are richer than 60% of the world’s population. Most of these people are tech guys.
I cannot really say if inequality is a bad thing but it is no doubt that poverty is a side effect of prosperity. Inequality has always existed from the time where civilization and technology wasn’t a thing till date when technology has taken over everything. Inequality of wealth is what has brought about improved technology as it requires the collection of funds and wealth to give the best.
Wealth inequality is very disturbing as it is visible within countries and within people. Having the 0.002 percent of the world owning about 70% of the world’s wealth. This number keeps growing and a lot of people believe that this will lead to a poor world. One reason for this inequality is income. People being paid based on hierarchy and not what they have to offer, other things includes tax, and market price.
Tax laws in several countries favor the rich with large corporation and not the poor as the rich as evade, or get tax relief while the poor can’t do this. When it comes to market price, the market price place on a job like a CEO is very valuable as so many people do not apply for such positions giving it a good market price but this is not the same for other job positions, the higher the number of people that are willing to apply the lower the market price and this alone is enough to cause inequality financially.
It is no doubt that the inequality in finance would have an increasing gap as time goes on but could there be a solution to this? please let me know what your thoughts are on wealth/financial inequality.