Browsing: Inequality

• More people are becoming poor while few are getting extremely wealthy
• The pandemic has exacerbated the levels of inequality in the world
• South Africa is the most unequal country in Africa 

Around one billion people live on less than one dollar per day, while the wealthiest 10 per cent of the population currently take 52 per cent of the global income and the poorest half just 8 per cent (World Inequality Report, 2022). 

The World Inequality Report brings concise and up-to-date data on various aspects of global inequality. Hence, the report marks inequality as a constant thorn hurting the economies of developing nations, even after three decades of trade and financial globalization. 

In terms of numbers, the report pointed out that during the first wave of the pandemic, global billionaires’ wealth grew by $3.7 trillion, which is equivalent to the total annual spending on public health by all governments in …