Wealth inequality in America is even worse than income inequality. The striking gap in the amount that the people at the top of the totem people rack in each year relative to low-income citizens, income inequality, is slightly different from wealth inequality.
Wealth inequality is the difference between peoples’ net worth, accounting for property and assets in addition to inequality.
Fortune Magazine shows calculations of each country’s wealth Gini coefficient — a measure of inequality in which 0 is perfect equality and 100 would mean perfect inequality, or one person owning all the wealth. It found that the U.S. had the most wealth inequality, with a score of 80.56, showing the most concentration of overall wealth in the hands of the proportionately fewest people.
This kind of inequality has been noticed not only in America but also across the world. America holds 41.6% of the global wealth according to Fortune magazine. The second highest possessor of wealth is China, coming in at 10.5%. Other countries in the top ten are Japan, the U.K., Germany, France, Canada, Italy, Australia, and South Korea in 10th with 1.6%. Using these statistics shows that these ten countries alone own 83.5% of the world’s wealth. Some basic mathematics can show that the other 186 countries own but 16.5% of the wealth.
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