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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 ...
The United States has the highest level of income inequality in the Western world, according to a 2018 study by the United Nations Special Rapporteur on extreme poverty and human rights. The United States has forty million people living in poverty, and more than half of these people live in "extreme" or "absolute" poverty.
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 information was tabulated in 2019 from data from the American Community Survey (ACS) conducted by the US Census Bureau.
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).
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 ...
The history of economic inequality is ... the top marginal income tax rate in the United States ... in the United States, from 1970 to 2018, the Gini coefficient ...
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.
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 ...