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A score of "0" on the Gini coefficient represents complete equality, i.e. every person has the same income. A score of 1 would represent the case in which one person would have all the income and others would have none. Therefore, a lower Gini score is roughly associated with a more equal distribution of income and vice versa.
The CBO explains the Gini as "A standard composite measure of income inequality is the Gini coefficient, which summarizes an entire distribution in a single number that ranges from zero to one. A value of zero indicates complete equality (for example, if each household received the same amount of income), and a value of one indicates complete ...
This is a list of countries and territories by income inequality metrics, as calculated by the World Bank, UNU-WIDER, OCDE, and World Inequality Database, based on different indicators, like the Gini coefficient and specific income ratios.
Gini: Higher Gini coefficients signify greater inequality in wealth distribution. A Gini coefficient of 0 reflects perfect wealth equality, where all wealth values are the same, while a Gini coefficient of 1 (or 100%) reflects maximal wealth inequality, a situation where a single individual has all the wealth while all others have none.
The Italian statistician Corrado Gini developed the Gini coefficient and published it in his 1912 paper Variabilità e mutabilità (English: variability and mutability). [16] [17] Building on the work of American economist Max Lorenz, Gini proposed using the difference between the hypothetical straight line depicting perfect equality and the actual line depicting people's incomes as a measure ...
Post-tax Gini coefficient: 0.39. Unemployment rate: 4.4%. GDP per capita: $53 632. Poverty rate: 11.1%. [43] Low unemployment rate and high GDP are signs of the health of the U.S. economy. But there is almost 18% of people living below the poverty line and the Gini coefficient is quite high. That ranks the United States 9th income inequal in ...
The closer the Gini Coefficient is to one, the closer its income distribution is to absolute inequality. In 2007, the United Nations approximated the United States' Gini Coefficient at 41% while the CIA Factbook placed the coefficient at 45%. The United States' Gini Coefficient was below 40% in 1964 and slightly declined through the 1970s.
The Wealth Gini coefficients from 2008 are based on a working paper published by the National Bureau of Economic Research. [5] The Wealth Gini numbers for 2018, 2019, and 2021 come from the Global Wealth Databook by Credit Suisse. [6] [7] [8] * indicates "Wealth inequality in COUNTRY or TERRITORY" or "Income inequality in COUNTRY or TERRITORY ...