Inequality: Facts and Figures

By PROUT

*Based on the 2018 Family income and Expenditure Survey of the Philippine Statistics Authority, the lowest ten percent of the population based on income earned around 9,000 pesos a month per family while the highest 10 percent earned around 72,000 pesos a month.
*The latest Gini coefficient (1 for complete inequality and 0 for complete equality) for the Philippines is 0.4267 (2018).
*Palma ratio: divide the income share of the top 10 percent by that of the bottom 40 percent–the higher the number, the more pronounced income inequality is. (The Philippines has no official Palma ratio yet.)
*One percent of the Chinese population owns more than one-third of all wealth while the poorest 25 percent owns about one percent.
*During the pandemic: The net worth of Amazon CEO Jeff Bezos increased by $13 billion in one day (Bloomberg); Jeff Bezos, Bill Gates, Mark Zuckerberg (net worth increased by $15 billion in 2020), Warren Buffett, and Larry Ellison together increased their wealth by $101.7 billion in three months (The Guardian); Tesla cofounder Elon Musk qualified for a payout of $2.1 billion from a surge in Tesla’s stock price (Reuters).
*Epidemiologists Richard Wilkinson and Kate Pickett wrote in their book, The Spirit Level, that more unequal countries tend to have more teenage pregnancy, mental illness, drug use, obesity, prisoners, school dropouts, and community breakdown, along with lower life expectancy, lower status for women, and lower levels of trust. (Kate Raworth)
*The grim truth is that the rich are able to live as they do only because others are poor: there is neither the physical nor ecological space for everyone to pursue private luxury. Instead we should strive for private sufficiency, public luxury. Life on earth depends on moderation. (George Monbiot)
*According to Credit Suisse anysts, a global financial institution, the richest 1% now owns more than half of all the world’s household wealth.
*The publication of Thomas Piketty’s book Capital in the 21st Century provides overwhelming evidence that income and wealth inequality is greatly increasing in advanced capitalist economies. The importance of his work is not simply the documentation of increased inequality, but rather the convincing argument he advances that such inequality is the result of the normal processes of a capitalist economy. (Dr. Ed McKenna)
*The 50 richest Americans are worth as much as the poorest 165 million. (Bloomberg Wealth, 8 October 2020)
NOTE: PROUT does not advocate absolute equality as it goes against nature and therefore an impossibility; but it is against extreme inequality.
** This section appears here every month. If you want to read similar articles go to this link: https://www.facebook.com/PROUTManila/

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