World Inequality Report 2022
Why in news: World Inequality Report 2022 was published by The World Inequality Lab (France)
World Inequality Report is a report by the World Inequality Lab at the Paris School of Economics that provides estimates of global income and wealth inequality based on the most recent findings compiled by the World Inequality Database (WID).
- The bottom 50 per cent of the global population owns just 2 per cent of wealth and 8 per cent of income.
- The top 0.1 per cent of the global population captures more income than the entire bottom 50 per cent.
- While the top 10 per cent of population owns 76 per cent of total household wealth and captured 52 per cent of total income in 2021
- The report, co-authored by economist Thomas Piketty, has suggested that a “very moderate wealth tax” ranging from 1 per cent of wealth owned over $1 million to 3 per cent for global billionaires can generate 1.6 per cent of global income.
Need for Wealth Tax
The average increase in the wealth of billionaires is over 9 per cent per year. So if you tax them at 3.5 per cent, it still means their wealth is going to increase in coming years, this (wealth tax) can raise significant amount of money to invest in climate investments for bottom 50 per cent of the population, in education and also in health.
- Women make just a third of global labour incomes, which has seen very limited change since 1990.
- The share of female incomes in global labour incomes was 31 per cent in 1990 and nears 34 per cent in 2015-2020 and males make the remaining 66 per cent.
- In terms of global carbon emissions, the bottom 50 per cent of population is responsible for 12 per cent of world emissions, while the 10 per cent highest emitters are responsible for close to half of world individual emissions.
Source: Indian Express