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The rich and the rest

The rich and the rest. $300,000. Annual income in $. $ 150,000. $25,000. $10,000. World famous – for inequality. O nce among the most equal rich countries From the mid-80s to the mid-2000s, rich world’s biggest rise in rich-poor gap Now among the most unequal rich countries

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The rich and the rest

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  1. The rich and the rest $300,000 Annual income in $ $150,000 $25,000 $10,000

  2. World famous – for inequality • Once among the most equal rich countries • From the mid-80s to the mid-2000s, richworld’s biggest rise in rich-poor gap • Now among the most unequal rich countries • Most unequal since records began in 1982 (despite extra working hours) • For wealth, the top 1% own 16% of all wealth – three times as much as the bottom half • Disproportionate effect on Maori and Pasifika

  3. So why is it an issue? THREE REASONS TO CARE: Social corrosion and division Health and social problems increase Economic growth is weaker

  4. The Great Gatsby Curve Higher income inequality associated with lower intergenerational mobility • Intergenerational earnings elasticity • 0.15 0.20 0.25 0.30 0.35 0.40 • Inequality • (1985 Gini Coefficient) • Source: Corak (2011), OECD, CEA estimates January 12. 2012

  5. What to do? Getting people into work Skills training and schools Making work pay Changing the power balance When work is done Higher taxes, more support

  6. Continuing the debate… • www.inequality.org.nz • Robert Wade talks • Book tour in August-September • max.rashbrooke@gmail.com • 022 694 0871

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