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In economics, the Gini coefficient (/ ˈ dʒ iː n i / JEE-nee), also known as the Gini index or Gini ratio, is a measure of statistical dispersion intended to represent the income inequality, the wealth inequality, or the consumption inequality [2] within a nation or a social group. It was developed by Italian statistician and sociologist ...
Income from black market economic activity is not included. The Gini coefficient is a number between 0 and 1 or 100, where 0 represents perfect equality (everyone has the same income), while an index of 1 or 100 implies perfect inequality (one person has all the income and everyone else has no 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. In 2018 U.S. income inequality as measured by the Gini index was close to the highest recorded values ever. [15] [16]
The range of the Gini index is between 0 and 1 (0% and 100%), where 0 indicates perfect equality and 1 (100%) indicates maximum inequality. The Gini index is the most frequently used inequality index. The reason for its popularity is that it is easy to understand how to compute the Gini index as a ratio of two areas in Lorenz curve diagrams ...
Income inequality was the largest driver of the change in the poverty rate, with economic growth, family structure, education and race other important factors. [ 131 ] [ 132 ] An estimated 11.8% of Americans lived in poverty in 2018, [ 133 ] versus 16% in 2012 and 26% in 1967. [ 134 ]
The Gini Coefficient, a statistical measurement of the inequality present in a nation's income distribution developed by Italian statistician and sociologist Corrado Gini, for the United States has increased over the last few decades. The closer the Gini Coefficient is to one, the closer its income distribution is to absolute inequality.
Global share of wealth by wealth group, Credit Suisse, 2021 Share of income of the top 1% for selected developed countries, 1975 to 2015. Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is ...
Gini coefficient (or Gini index) is an indicator that is often used to determine wealth inequality. A Gini coefficient of 0 reflects perfect equality, where all income or wealth values are the same, while a Gini coefficient of 1 (or 100%) reflects maximal inequality among values, a situation where a single individual has all the income while ...