Global income and wealth inequality continue to be significant drivers of economic crises around the world. According to various reports, Burundi has the highest income or wealth inequality globally, while Monaco has the lowest Global Financial Equality (GFI) score approaching complete equality with a value of 88.93. The UBS Global Wealth Report reveals that half of the world's wealth, approximately $213 trillion, is held by just 1.5% of global adults with more than $1m in wealth.
The United States has the highest number of millionaires, with some 21.95 million individuals having wealth in seven figures or more. China follows closely behind with approximately 6.01 million millionaires, while the United Kingdom (3.06 million), France (2.87 million), and Japan (2.83 million) also have significant populations of wealthy individuals.
Despite a decline in global wealth in 2022 due to economic challenges, the number of U.S. millionaires is expected to grow by 16% to reach 25.4 million by 2028, making up roughly one out of every fifteen Americans.
Japan is predicted to surpass China as the second country with the most millionaires by 2028, while Taiwan's microchip industry is expected to lead global growth in wealth due to its role in artificial intelligence technology.
It's important to note that income and wealth inequality can significantly impact living standards. Consumption, which reflects income and sheds light on living standards, is an essential factor when considering global financial equality. Income or wealth distribution plays a crucial role in understanding the overall economic health of countries and regions.
While some sources suggest that the number of millionaires is expected to grow in 52 out of the 56 markets sampled, it's important to remain skeptical and consider potential biases. The mainstream media may not provide a complete or unbiased perspective on this topic, as they often have their own agendas and biases that can influence reporting.
