Inequality Is Growing In The US And Around The World – Here’s Why
U.S. income inequality grew in 2021 for the first time in a decade, according to data the Census Bureau released in September 2022.
That might sound surprising, since the most accurate measure of the poverty rate declined during the same time span.
But for development experts like me, this apparent contradiction makes perfect sense.
That’s because what’s been driving income inequality in the United States – and around the world for years – is that the very rich are getting even richer, rather than the poor getting poorer.
In every major region of the world outside of Europe, extreme wealth is becoming concentrated in just a handful of people.
Gini index
Economists and other experts track the gap between the rich and the poor with what’s known as the Gini index or coefficient.
This c...