Inequality in US highest among developed countries

The Organization for Economic Cooperation and Development (OECD) has published a new study that explores income inequality in its 34 states.

The study, released on Thursday, found that with 10 percent of its richest population earning 19 times the income of the poorest 10 percent in 2013, the United States ranks first on OECD’s list of developed countries by their rich-poor gap.

This is especially important because the average rate of inequality according to OECD stands at 9.6 times for the period of the study, reaching a new high in past 30 years.

“In most countries, the gap between rich and poor is at its highest level since 30 years. Today, in OECD countries, the richest 10 percent of the population earn 9.6 times the income of the poorest 10 percent. In the 1980s this ratio stood at 7:1 rising to 8:1 in the 1990s and 9:1 in the 2000,” reads the report.

 

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