World Inequality Report

Subject – Economy

Context – Richest 1% have 38% of wealth growth globally: World Inequality Report

Concept –

The richest 10 per cent own around 60-80 per cent of wealth and the poorest half less than 5 per cent of wealth.
Published by the Harvard University Press.

How taxation can curb inequality?

The report suggested developing new forms of wealth taxation on multimillionaires, including a progressive rate of wealth tax with tax rates according to the value of the total amount of wealth owned.
Tax ranging from 1 per cent of wealth owned over $1 million to 3 per cent for global billionaires can generate 1.6 per cent of global income.