Income inequality will increase over next five years

Income inequality will increase over next five years

The income inequality is constantly increasing in the world. The rich is getting richer and the poor is getting poorer. The Boston Consulting Group (BCG) released the data which revealed that 50 percent of the global wealth will be concentrated in the hands of millionaires in next half decade.  The research said that 41 percent of the worlds were in the hands of millionaires with income more than $1 million invested in private property last year. The report titled ‘Global Wealth’ further said that this concentrated income will be as high as 46 percent by end of this decade.  The global economy is slowly accelerating and growth has been sustained by booming markets, especially in the developed world. 17 million people were millionaire in the world last year, sharp growth of 2 million people than previous year.

The World’s largest economy leads with maximum number of millionaire. The United States has 7 million of them where as the China has 4 million ultra high income households. Looks like some people are more equal in this communist country. Third position was occupied by Japan with 1 million households having above million incomes. But results are quite different if we consider the density of millionaires. The country of Switzerland has 135 millionaires for every 1,000 households. These houses have private wealth worth $1 million or more.  Oil rich countries like Bahrain, Qatar and Kuwait also made it to the list but we all know that the wealth is concentrated within few families there. 

 

 

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