There is widespread concern about increasing or high economic inequality in many countries, both rich and poor. At a global level, according to the World Inequality Report 2018, the richest 1 per cent in the world reaped 27 per cent of the growth in world income between 1980 and 2016, while the bottom 50 per cent of the population got only 12 per cent.
Over roughly the same period, however, absolute poverty by standard measures has generally been on the decline in most countries. By the widely-used World Bank estimates, in 2015 only about 10 per cent of the world population lived below its ...
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