Poor data
Oxfam complained of an ‘inequality explosion’, citing an estimate that by next year 1 per cent of the world’s population will own half the wealth, but little other evidence. Is global inequality really growing, and does it matter?
— There have been few estimates of global inequality in income and wealth, but one recent one was contained in a Unicef report in 2011 which revealed that on some measures global inequality is falling. In 1990, it claimed that the wealthiest 20% of people on the planet received 87% of global income. By 2007 that had fallen to 83%. Over the same period the poorest fifth of the population saw their share of wealth increase from 0.8% to 1%.
— If there has been a concentration of wealth at the extreme upper end, it hasn’t stopped the decline of extreme poverty. In 1990, according to the United Nations World Food Programme, there were 1 billion people in the world suffering from undernourishment.
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