Charted: How Wealth Inequality Has Changed Since 2008, by Country

Hamilton Nwosa
Writer

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ℹ️ The Gini index measures wealth inequality within a population, ranging from 0% (perfect equality) to 100% (maximum inequality).

Higher values indicate greater disparity in wealth distribution. For example, a country where one person owned all the assets and everyone else had nothing would have a Gini index of 100%.

Ranked: Countries by Wealth Disparity Changes (2008–2023)

In UBS’ list of select countries, Singapore has seen the largest growth in its Gini index, up to 70% in 2023 from 53% in 2008.

Rank Country 2008 2023 % Change
1 🇸🇬 Singapore 57 70 +23%
2 🇫🇮 Finland 53 64 +21%
3 🇪🇸 Spain 47 57 +21%
4 🇿🇦 South Africa 70 82 +17%
5 🇧🇷 Brazil 70 81 +16%
6 🇮🇳 India 62 73 +18%
7 🇮🇩 Indonesia 59 68 +15%
8 🇮🇹 Italy 50 57 +14%
9 🇶🇦 Qatar 43 48 +12%
10 🇩🇰 Denmark 56 62 +11%
11 🇹🇼 Taiwan 55 61 +11%
12 🇯🇵 Japan 50 54 +8%
13 🇬🇧 UK 57 61 +7%
14 🇨🇳 China 55 60 +9%
15 🇲🇽 Mexico 68 72 +6%
16 🇦🇺 Australia 51 54 +6%
17 🇫🇷 France 56 59 +5%
18 🇸🇪 Sweden 74 75 +1%
19 🇺🇸 U.S. 76 75 -1%
20 🇳🇱 Netherlands 67 64 -4%
21 🇨🇭 Switzerland 70 67 -4%
22 🇦🇹 Austria 69 65 -6%
23 🇩🇪 Germany 72 68 -6%
24 🇭🇰 Hong Kong 66 63 -5%
25 🇰🇷 South Korea 62 57 -8%
26 🇧🇪 Belgium 51 46 -10%
27 🇮🇱 Israel 72 64 -11%
28 🇦🇪 UAE 88 77 -13%
29 🇸🇦 Saudi Arabia 89 77 -13%

The government has enacted policies intended to attract high-net-worth individuals as well as international investment capital to Singapore.

On the flip side, policies to reduce inequality have been constructed through an economic lens, such as trying to remove structural barriers that prevent people from maximizing productivity.

Interestingly, in the same time period, Singapore’s average wealth rose by 116%, while median wealth fell by 2%.

Also in the top three, Finland and Spain join Singapore as the three countries who’ve seen a 20 percentage point increase in their Gini index values since 2008. Of the 29 countries analyzed by UBS, 18 registered rising wealth inequality.

However, wealth disparity has also reduced for several countries, some of them large economiesthe U.S. (-1%), Germany (-6%), and Saudi Arabia (-13%).

A recent Federal Reserve analysis found that from 2019 to 2022, low-wealth groups in America had larger percentage gains in wealth compared to their high-wealth counterparts.
Source: Visual Capitalist

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