How to Tackle Global Wealth Inequality?

[Jasmine]

Here are some facts about wealth.

About 1 percent people own 40 percent of the global wealth.

About 50 percent people own just 2 percent of the global wealth.

In your opinion, what is the biggest inequality that has a severe impact in human population: Gender, Race, Nationality, or Class?

Do you know about 97 percent people can never afford to travel to another country. However, research shows about 70 percent of your financial achievements are purely determined by your passport (country of origin), the remaining 30 percent will be determined by your talent, education, hard work, and the things like these.

Citizenship Premium is a privilege that people born in a rich country get.

Citizen penalty is a punishment people born in poor countries get

Therefore passport inequality is the most impacting inequality we have on earth.

When you are born in a poor country, you are less likely to be rich. If you are born in the rich country, it is very unlikely that you will become poor.

 

[Holicent]

The global wealth distribution has become increasingly unequal. The richest 1 percent now own more than the rest of humanity combined. The richest 10 percent own almost half of global wealth, and the bottom half owns just 2 percent.

The concentration of wealth in the hands of a few is not new — it has been happening for centuries — but its scope is unprecedented. It means that we face an urgent question: How do we tackle global wealth inequality?

There are three steps to addressing this problem:

First, we need to understand why inequality is growing so rapidly. Globalization has allowed people with low skills or modest education levels to move to richer countries where they can earn a decent living. But this has also led to a decline in wages for those who remain in their own country, making inequality worse.

Second, we need to change how we think about wealth creation and economic growth so that it benefits everyone rather than just those at the top. We need to ensure that anyone who wants to work can find employment and earn enough income to live on — regardless of their circumstances before arriving in another country or whether they have studied or trained for work in another country; or whether they come from an underdeveloped country or an advanced industrial economy.

 

[saoussen5765]

This is simple. Rich person will let their jobs with high position and salary to their children and poor people have not anything to done to them.

 

[Ayuba Ernest]

very informative thread, the issue of global wealth inequality is one that has been receiving increasing attention in recent years. And rightfully so – the gap between the richest and poorest people in the world is now wider than it has ever been.


So what can be done to tackle this issue? Well, that’s a tricky question. There is no easy fix for global wealth inequality. But there are a few things that could help close the gap .


For one, we could start by increasing aid to the poorest countries in the world. We could also work on increasing trade and investment in these countries. And lastly, we could try to promote more equality within countries by tackling things like corruption and tax avoidance.


None of these solutions will be easy to implement. But if we want to make a dent in global wealth inequality, they’re a good place to start.

 

[Mika]

You need to know the economy of the market in order to understand global wealth inequality. The European countries became rich because they ruled Africa and Asia for hundreds of years and looted countries on these continents. The United States became rich because it built its economy through slavery. For hundreds of years, they subjected the Africans and use free labor to build the economy. If you are already rich and if you know how to manage your money, you will always be rich. China, which was never colonized by any European countries, is poor compared to the United States and some European countries (based on per capita income), however, Chinese GDP is still the world’s second biggest GDP. Chinese per capita income is low because, for hundreds of years, the Chinese economy was basically a feudalist economy where there was systematic subjugation of the poor class by the rich class. The wealth inequality gap is widening every year.