Rich getting richer, poor stay the same
THE rich have seen their share of the total amount of money earned worldwide increase over the last three decades – while the poorest have seen their incomes stagnate, according to a new report.
The report, by the OECD, found earnings of the poorest households have not kept pace with income growth, with many no better off than they were in the 1980s.
By contrast, top earners have seen their share of pre-tax income increase.
The rise was most spectacular in the US, where the share of the richest 1pc in all pre-tax income has more than doubled since 1980.
Ireland is another country where top earners fare very well – the share of the wealthiest 1pc in all pre-tax income has increased from about 5pc to 10pc in Ireland since 1980, according to the report.
"Without concerted action, the gap between the rich and poor is likely to grow wider," said OECD secretary-general Angel Gurria. "It is important to ensure top earners pay their fair share of taxes."
Sunday Indo Business