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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 ...
2023 9.7 2023 Cuba: Caribbean: Upper middle income 45.29% 2022 3.40 1978 Cyprus: Western Asia: High income 33.45% 2022 2.46 2022 3.547 2021 Czech Republic: Eastern Europe: High income 29.66% 2022 2.58 2022 3.893 2021 3.1 2021 Germany: Western Europe: High income 34.04% 2022 1.82 2022 2.940 2020 3.9 2020 Djibouti
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 ...
For example, the Gini coefficient for wealth inequality increased from 0.80 in 1983 to 0.84 in 1989. In the same year, 1989, the Gini coefficient for income was only 0.52. [56] The Gini coefficient is an economic tool on a scale from 0 to 1 that measures the level of inequality. 1 signifies perfect inequality and 0 represents perfect equality.
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.
Transportation has the highest consumption rates, accounting for approximately 69% of the oil used in the United States in 2006, [359] and 55% of oil use worldwide as documented in the Hirsch report. In 2013, the United States imported 2.808 billion barrels of crude oil, compared to 3.377 billion barrels in 2010. [360]