Hey everyone!
Part of my studies consider wealth inequality in Russia and other countries. The first question when you study something is usually how to describe and quantify it. When comes to inequality it is not the easiest tasks. Obviously we have dramatically different economies in Western and Eastern Europe, North America and Central Africa. Should we include 1 or 2 (or 5) wealthiest families who owns literally half the economy in some places? Should we count individuals or families and what to do with large corporation wealth? What about grey or even black economy?
Hopefully we have a rule of thumb which is called Gini index. Looking at this number (from 0 to 100) we could see a gap between "haves" and "have-nots" - the greater the index the greater the gap.
Economic picture of the day is Gini Index in different countries.
Do you find your own country? Tell me, how large is wealth inequality there?
See you later with economic graph of the day!