Inequality
Although there many types of inequalities present in our world, one of the most pressing and urgent ones is economic inequality.
There two important types of economic inequality you should know about:
Wealth inequality
Inequality in the way wealth is distributed, wealth is stuff like:
- Accumulated assets, such as stocks, bonds and crypto
- Goods, like houses and cars
In 2019, global wealth was about 360 trillion dollars , and more than 1/2 of that is concentrated in Europe and North America, despite those countries only having 1/5 of the world's population.
On the other hand, Africa and India combined have about 30% of the world's population but only 5% of the total Wealth.
And beyond inequality between countries, we can also take America as an example of massive wealth concentration, as 30% of all wealth is with the top 1%.
Income Inequality
Inequality in the way income is distributed, includes things like:
- Wages
- Investment returns
- Social Security
In this field we can confirm that, indeed, the average top 1% makes 40 times as much as the average person in the bottom 90%.
Conclusion
While some, and even a lot of Inequality is to be expected in society, in order to incentivize growth and innovation, we have to ask ourselves whether this economical disparities are to high already!
If you have an opinion on healthy and unhealthy levels of economic inequality, leave it the comments!
Thanks for reading!
Remember to Upvote and Share, so that I can keep making many posts per week!
But, after all this, What does it mean to be poor? and How can tech and cryptos help poor people?