The rise of income inequality in both developed and emerging markets is attributed to the transformational forces of globalization and technological advancement, in addition to economic prosperity. Mitigating the polarizing effect of extreme economic inequality is expected to be a major global challenge. However, despite efforts to reduce this gap, the wealthiest individuals have accumulated unprecedented levels of wealth, with the world’s top 1 percent owning 45 percent of the world’s wealth. The United States is by far the most top-heavy, with much greater shares of national wealth and income going to the richest 1 percent than any other country. The world’s wealthiest individuals, those owning over $100,000 in assets, total less than 10 percent of the global population but own 84 percent of global wealth.
In the past few decades, economic disruptions and the increasing prevalence of inequality have had a significant impact on various populations worldwide. Addressing this issue and reducing inequality requires transformative measures and interventions, which may consist of both new and traditional approaches. To combat disparities and promote inclusive growth, it is crucial to prioritize social protection and create decent employment opportunities, particularly for vulnerable communities such as young people and migrants. As each country has its unique circumstances, building a consensus on this issue among policymakers, business leaders, and citizens at the national level is essential. If we Eliminate discriminatory laws, policies, and practices. We can ensure equal opportunities and reduce income inequalities.
Our extensive work with governments and policymakers around the world gives us an in-depth understanding on economic inequality and makes us adept in working with various partners to address factors driving the inequality crisis.