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Wealth Inequality by Country 2024

Wealth inequality, also known as the wealth gap, is a measure of the distribution of wealth—essentially the difference between the richest of the rich and the poorest of the poor—in a given country, state, city, or demographic group. Wealth inequality is closely related to income inequality, which tracks the money people earn. However, wealth inequality includes not just income, but also the value of bank accounts, stocks and investments, homes, and personal possessions such as cars, jewelry, artwork, and other valuables. Wealth inequality is a major cause of unequal living standards in many communities.

Research suggests that globalization has reduced global wealth inequality between nations but has increased wealth inequality within nations. Typically, developing countries are characterized by greater inequality than developed countries. However, there are exceptions to this rule: in some developed countries, such as the United States and Russia, the Gini coefficient is generally high.

Wealth inequality and the Gini index

The Gini index, or Gini coefficient, is a statistical measure of wealth distribution developed by the Italian statistician Corrado Gini. The Gini index is used to gauge economic inequality by measuring income distribution, also called wealth distribution. The Gini coefficient ranges from 0 to 1. A coefficient of 0 represents perfect equality, a country (or other people group) in which everyone had the same income. The closer to 1 the coefficient is, the greater the wealth inequality. Gini coefficient is also expressed as a percentage in which 0% is perfect equality and 100% would be the maximum possible inequality.

Top 10 Countries with the Highest Wealth Inequality (World Bank Gini index):

Country
Gini Index
Brazil52.9
Colombia51.5
Angola51.3
Panama50.9
Zimbabwe50.3
Costa Rica48.7
Honduras48.2
Burkina Faso47.3
Ecuador45.8
Mexico45.4

South Africa’s income inequality has become worse over the years. The top 1% of earners take home almost 20% of income and the top 10% take home 65%. That means that 90% of South African earners take home only 35% of all income. Incomes in South African remain to be racialized, gendered, and spatialized, meaning that white people are more likely to find work (and work that pays better) than their black counterparts; female workers earn about 30% less than male workers; and urban workers earn about double that of those in the countryside.

For many countries in Africa, income inequality is rooted in their economic structures, in which a few high-income sectors generate significant wealth, but only for a small number of people, leaving the vast majority of the workforce trapped in lower-income sectors in which they earn far less in the lower-income sectors.

This inequality is often exacerbated by inadequate educational systems that fail to prepare all but the richest citizens for better-paying skilled jobs and by the presence of corrupt and/or oppressive governments. Additionally, while many countries in Eastern and Southern Africa enjoy a high concentration of resources (natural and human), many other African countries lack even basic resources such as arable land and clean water, which can hamper overall economic growth.

Top 10 Countries with the Lowest Wealth Inequality (World Bank Gini index):

Nine of the top 10 countries are located in Europe or on the Europe/Asia border (Azerbaijan). The top 1% of earners in Europe take only 12% of the total income and the bottom 50% of earners take 22% of income. For comparison, in the United States, which has more billionaires than any other country, the top 1% of earners take 20% of income and the bottom 50% of earners take 10%. The less inequality/greater equality in Europe is attributed to the fact that Europe has not let its market economy become a market society, where market forces control other areas of society such as education, health, and wages. Examples of this are social healthcare systems and more favorable labor markets.

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Country
Gini Index
Gini Index Year
Brazil52.92021
Colombia51.52021
Angola51.32018
Panama50.92021
Zimbabwe50.32019
Costa Rica48.72021
Honduras48.22019
Burkina Faso47.32018
Ecuador45.82021
Mexico45.42020
Chile44.92020
Lesotho44.92017
Paraguay42.92021
Uganda42.72019
Togo42.42018
Argentina422021
Turkey41.92019
Djibouti41.62017
Malaysia41.22018
Iran40.92019
Bolivia40.92021
Uruguay40.82021
Philippines40.72021
Sao Tome and Principe40.72017
Tanzania40.52018
Bulgaria40.52020
Peru40.22021
United States39.72020
El Salvador392021
Laos38.82018
Gambia38.82020
Israel38.62018
Malawi38.52019
Dominican Republic38.52021
China38.22019
Senegal38.12018
Gabon382017
Indonesia37.92022
Benin37.82018
Sri Lanka37.72019
Chad37.52018
Bhutan37.42017
Niger37.32018
Ivory Coast37.22018
Vietnam36.82020
Mauritius36.82017
Montenegro36.82018
Mali36.12018
Russia362020
Lithuania362020
India35.72019
Sierra Leone35.72018
Latvia35.72020
Marshall Islands35.52019
Italy35.22020
Nigeria35.12018
Thailand35.12021
Serbia352020
Spain34.92020
Guinea Bissau34.82018
Portugal34.72020
Romania34.62020
Australia34.32018
Georgia34.22021
Greece33.62020
North Macedonia33.52019
Luxembourg33.42020
Switzerland33.12018
Mongolia32.72018
United Kingdom32.62020
Canada32.52018
Vanuatu32.32019
Seychelles32.12018
Egypt31.92019
Germany31.72019
Cyprus31.72020
Malta31.42020
France30.72020
Myanmar30.72017
Estonia30.72020
Fiji30.72019
Austria29.82020
Hungary29.72020
Pakistan29.62018
Guinea29.62018
Croatia29.52020
Albania29.42020
Maldives29.32019
Ireland29.22020
Kyrgyzstan292020
Sweden28.92020
Poland28.82019
Armenia27.92021
Kazakhstan27.82018
Kiribati27.82019
Norway27.72019
Denmark27.52020
Finland27.12020
Czech Republic26.22020
Iceland26.12017
Netherlands262020
Belgium262020
United Arab Emirates262018
Moldova25.72021
Ukraine25.62020
Belarus24.42020
Slovenia242020
Slovakia23.22019
showing: 108 rows

Which country has the highest wealth inequality?

According to the World Bank Gini index, thanks to their 63% ranking, South Africa is the country with the highest wealth inequality.

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