economic inequality

NEWS via Reuters: U.N. Sounds Alarm on Worsening Global Income Disparities

February 9, 2014 // 0 Comments

U.N. sounds alarm on worsening global income disparities BY LOUIS CHARBONNEAU UNITED NATIONS Wed Jan 29, 2014 11:50am EST Helen Clark, head of the United Nations Development Programme (UNDP), speaks during a news conference after launching a report on ”Water Governance in the Arab Region” in Manama November 28, 2013 file photo. CREDIT: REUTERS/HAMAD I MOHAMMED (Reuters) – The U.N. Development Program warned in a report on Wednesday that income disparities in countries around the world have been worsening, posing new risks for global economic and political stability. The UNDP warning echoes remarks from U.S. President Barack Obama in his annual State of the Union address on Tuesday, in which he said there was a widening gap between rich and poor in the world’s biggest economy and that while the stock market has soared, average U.S. wages have barely budged. The UNDP report said income inequality increased by 11 percent in developing countries over the two [...]

NEWS via CNN: ‘Hidden income’ makes China’s rich wealthier than thought

September 24, 2013 // 0 Comments

Hong Kong (CNN) — China’s urban rich are making far more than they officially report, suggesting the wealth gap in the world’s second largest economy is much higher than previously thought, according to a new study. The China Society of Economic Reform released a survey Monday that found “gray income” was 6.2 trillion yuan (U.S. $1 trillion), or 12% of GDP. “Gray income” can range from illegal cash from kickbacks to unreported income and gifts. “The result has highlighted expanding social inequalities and policy issues surrounding official corruption and income distribution,” said Wang Xiaolu, who led the research for the CSER, in an article in Caixin Online. “The richer the household, the more likely it receives shadow income.” The study comes a day after Bo Xilai, a once high-flying politician, was sentenced to life in prison for bribe-taking,15 years for embezzlement and seven years for abuse of power. Bo is [...]
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