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Income inequality

The degree to which income is distributed unequally in an economy or population; income inequality can be illustrated using a Lorenz Curve and measured using the Gini coefficient.

Income inequality refers to the unequal distribution of income among individuals or households within a country. High income inequality can have negative consequences for social and economic development, such as increased poverty and reduced economic growth. Here are five examples of countries with high income inequality, as measured by the Gini coefficient, a commonly used measure of income inequality, with data from the World Bank:

  1. South Africa - Gini coefficient of 63.1 in 2020
  2. Namibia - Gini coefficient of 61.8 in 2020
  3. Central African Republic - Gini coefficient of 59.4 in 2020
  4. Botswana - Gini coefficient of 57.2 in 2020
  5. Eswatini - Gini coefficient of 53.8 in 2020

Here are five examples of countries with low income inequality, as measured by the Gini coefficient, a commonly used measure of income inequality, with data from the World Bank:

  1. Iceland - Gini coefficient of 24.0 in 2020
  2. Norway - Gini coefficient of 25.0 in 2020
  3. Denmark - Gini coefficient of 26.5 in 2020
  4. Czech Republic - Gini coefficient of 28.3 in 2020
  5. Finland - Gini coefficient of 30.2 in 2020

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