The rise of inequality has been the subject of many headlines over the past several years. Oxfam’s 2015 Wealth: Having It All and Wanting More estimated that the world’s richest 1% will own more than all of the rest of the world’s 99% by 2016. Branko Milanovic’s Elephant Chart summarizes the disparity in income growth and rising inequality by showing that while the world’s poorest 10% have gained little, global elites have made significant gains. Globally, those in the middle (the lower 10 – 70% of incomes) have also had important gains, driven primarily by China and India; but the middle classes in developed countries have stagnated.
For more on this story visit the following link: Financial Inclusion Can Reduce Inequality and Bring Peace