Economic inequality by Biswajit Sha

 

There are wide varieties of economic inequality, most notably income inequality measured using the distribution of income (the amount of money people are paid) and wealth inequality measured using the distribution of wealth (the amount of wealth people own). Besides economic inequality between countries or states, there are important types of economic inequality between different groups of people.

Differences in national income equality around the world as measured by the national Gini coefficient as of 2018.[1] The Gini coefficient is a number between 0 and 100, where 0 corresponds with perfect equality (where everyone has the same income) and 100 corresponds with absolute inequality (where one person has all the income, and everyone else has zero income).

Global share of wealth by wealth group, Credit Suisse, 2021

Wealth disparity in major cities

Skid row tents

Tents of the homeless on the sidewalk in Skid Row, Los Angeles

a Beverly Hills mansion

An affluent house in Holmby Hills, Los Angeles, roughly 12 miles from downtown (above)

Important types of economic measurements focus on wealth, income, and consumption. There are many methods for measuring economic inequality,the Gini coefficient being a widely used one. Another type of measure is the Inequality-adjusted Human Development Index, which is a statistic composite index that takes inequality into account. Important concepts of equality include equity, equality of outcome, and equality of opportunity.