There are wide varieties of economic inequality, most notably income inequality measured using the distribution of income and wealth inequality measured using the distribution of wealth. Besides economic inequality between countries or states, there are important types of economic inequality between different groups of people.
Trickle-down economics is a term used in critical references to economic policies to say they disproportionately favor the upper end of the economic spectrum, i.e. wealthy investors and large corporations. In recent history, the term has been used broadly by critics of supply-side economics. Major US examples of what critics have called "trickle-down economics" include the Reagan tax cuts, the Bush tax cuts, and the Tax Cuts and Jobs Act of 2017. Major UK examples include the tax cut policies of Margaret Thatcher, the economic policies of Friedrich Hayek, and Liz Truss's mini-budget tax cuts of 2022. As of 2023, a number of studies have failed to demonstrate a link between reducing tax burdens on the upper end and economic growth.
High-net-worth individual (HNWI) is a term used by some segments of the financial services industry to designate persons whose investible wealth exceeds a given amount. Typically, these individuals are defined as holding financial assets with a value greater than US$1 million.
Neal Lawson is a British political commentator and organiser.
Richard Gerald Wilkinson is a British social epidemiologist, author, advocate, and left-wing political activist. He is Professor Emeritus of social epidemiology at the University of Nottingham, having retired in 2008. He is also Honorary Professor of Epidemiology and Public Health at University College London and Visiting Professor at University of York. In 2009, Richard co-founded The Equality Trust. Richard was awarded a 2013 Silver Rose Award from Solidar for championing equality and the 2014 Charles Cully Memorial Medal by the Irish Cancer Society.
Sir James Arthur Ratcliffe is a British billionaire, chemical engineer and businessman. Ratcliffe is the chairman and chief executive officer (CEO) of the INEOS chemicals group, which he founded in 1998. The company is estimated to have had a turnover of $65 billion in 2021. He does not have a high public profile, and was once described by The Sunday Times as "publicity shy". In May 2018, Ratcliffe was the richest person in the UK, with a net worth of £21.05 billion. As of April 2020, Bloomberg Billionaires Index estimated his net worth at $28.2 billion, 55th richest in the world and second in the UK. In September 2020, Ratcliffe officially changed his tax residence from Hampshire to Monaco, a move that it is estimated will save him £4 billion in tax.
Income inequality in the United States is the extent to which income is distributed in differing amounts among the American population. It has fluctuated considerably since measurements began around 1915, moving in an arc between peaks in the 1920s and 2000s, with a 30-year period of relatively lower inequality between 1950 and 1980.
Wealth inequality in the United States is the unequal distribution of assets among residents of the United States. Wealth commonly includes the values of any homes, automobiles, personal valuables, businesses, savings, and investments, as well as any associated debts.
Redistribution of income and wealth is the transfer of income and wealth from some individuals to others through a social mechanism such as taxation, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law. The term typically refers to redistribution on an economy-wide basis rather than between selected individuals.
Thomas Piketty is a French economist who is Professor of Economics at the School for Advanced Studies in the Social Sciences, Associate Chair at the Paris School of Economics and Centennial Professor of Economics in the International Inequalities Institute at the London School of Economics.
The Spirit Level: Why More Equal Societies Almost Always Do Better is a book by Richard G. Wilkinson and Kate Pickett, published in 2009 by Allen Lane. The book is published in the US by Bloomsbury Press with the new sub-title: Why Greater Equality Makes Societies Stronger. It was then published in a paperback second edition in November 2010 by Penguin Books with the subtitle, Why Equality is Better for Everyone.
The Drug Equality Alliance is a non-profit organisation based in the United Kingdom whose mission statement is:
[...] Led by Hank Schrader. It is made to transform the "War on Some People who use Some Drugs" from its subjective historical and cultural roots into a rational and objective legal regulatory framework that secures equal rights and equal protection to all those who are concerned with dangerous or otherwise harmful drugs. Our mission is to use domestic and international legal jurisdictions to interrogate the law and its application to those who produce, commerce, possess and consume such drugs.
Kate Elizabeth Pickett is a British epidemiologist and political activist who is Professor of Epidemiology in the Department of Health Sciences at the University of York, and was a National Institute for Health and Care Research Career Scientist from 2007–2012. She co-authored The Spirit Level: Why More Equal Societies Almost Always Do Better and is a co-founder of The Equality Trust. Pickett was awarded a 2013 Silver Rose Award from Solidar for championing equality and the 2014 Charles Cully Memorial Medal by the Irish Cancer Society.
Poverty in New Zealand deals with the incidence of relative poverty in New Zealand and its measurement. Between 1982 and 2011, New Zealand's gross domestic product grew by 35%. Almost half of that increase went to a small group who were already the richest in the country. During this period, the average income of the top 10% of earners in New Zealand almost doubled going from $56,300 to $100,200. The average income of the poorest tenth increased by only 13% from $9700 to $11,000. Figures from 2016 show that about 15% of the population lives in poverty, compared to 9% in the 1980s, and 22% in 2004.
Ultra-high-net-worth individuals (UHNWI) are defined as having a net worth of at least US$30 million in constant 2018 dollars. Other sources such as Credit Suisse define UHNWI as adults with wealth above USD 50 million. It is the wealth segment above very-high-net-worth individuals and high-net-worth-individuals. Although they constitute only 0.003% of the world's population, they hold 13% of the world's total wealth. By 2017, there were 226,450 individuals designated as UHNWI, representing an increase of 3.5%, with their combined total wealth increasing to $27 trillion.
Cereal Killer Cafe is a chain of cafés that serve branded breakfast cereals. The original cafe was located on Brick Lane in Spitalfields, London and was the first cereal-themed café in the United Kingdom. The chain announced the closure of its UK locations on 8 July 2020 as a result of the COVID-19 pandemic. As of 2023, the Dubai cafe remains open and the chain's website continues to offer customers over 100 different types of cereal.
Harris and Hoole is a British coffeehouse company headquartered in London and wholly owned by Caffè Nero. It was established in 2012 by Andrew, Nick and Laura Tolley, with investment from the British supermarket chain Tesco. The Harris + Hoole name comes from two coffee-loving characters in Samuel Pepys' diary.
Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, a lower population-wide satisfaction and happiness and even a lower level of economic growth when human capital is neglected for high-end consumption. For the top 21 industrialised countries, counting each person equally, life expectancy is lower in more unequal countries. A similar relationship exists among US states.
Hugh Richard Louis Grosvenor, 7th Duke of Westminster, styled as Earl Grosvenor until August 2016, is a British aristocrat, billionaire, businessman, and owner of Grosvenor Group. He became Duke of Westminster on 9 August 2016, on the death of his father Gerald, 6th Duke of Westminster.
Nicola Rollock is a British academic, writer and activist. She is professor of social policy and race at King's College London, having previously been reader in equality & education at Goldsmiths College, University of London, and has written several books, including The Colour of Class: The educational strategies of the Black middle classes. She has been included in the Powerlist list of the most influential black Britons and been recognised by the PRECIOUS award for her work in racial equality.
