World Inequality Report 2022
320
World Inequality Report 2022
320Paperback
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Overview
World Inequality Report 2022 is the most authoritative and comprehensive account available of global trends in inequality. Researched, compiled, and written by a team of world-leading economists, the report builds on the pioneering edition of 2018 to provide policy makers and scholars everywhere up-to-date information about an ever broader range of countries and about forms of inequality that researchers have previously ignored or found hard to trace.
Over the past decade, inequality has taken center stage in public debate as the wealthiest people in most parts of the world have seen their share of the economy soar relative to that of others. The resulting political and social pressures have posed harsh new challenges for governments and created a pressing demand for reliable data. The World Inequality Lab, housed at the Paris School of Economics and the University of California, Berkeley, has answered this call by coordinating research into the latest trends in the accumulation and distribution of income and wealth on every continent. This new report not only extends the lab’s international reach but provides crucial new information about the history of inequality, gender inequality, environmental inequalities, and trends in international tax reform and redistribution.
World Inequality Report 2022 will be a key document for anyone concerned about one of the most imperative and contentious subjects in contemporary politics and economics.
Product Details
| ISBN-13: | 9780674273566 |
|---|---|
| Publisher: | Harvard University Press |
| Publication date: | 11/01/2022 |
| Pages: | 320 |
| Product dimensions: | 6.10(w) x 9.20(h) x 0.80(d) |
About the Author
Thomas Piketty is Professor of Economics and Economic History at L’École des Hautes Études en Sciences Sociales (EHESS) and at the Paris School of Economics and Codirector of the World Inequality Lab.
Emmanuel Saez is Professor of Economics at the University of California, Berkeley, and Director of the Center for Equitable Growth.
Gabriel Zucman is Professor of Economics at the University of California, Berkeley, and Director of the EU Tax Observatory.
Table of Contents
Contents V
Executive Summary 1
Introduction 14
Chapter 1 Global economic inequality: insights 18
What is the level of global economic inequality today? 20
Global income and wealth inequality between individuals: initial insights 20
Global income and wealth inequality between countries 22
Income inequality varies significantly across regions 24
Differences in inequality are not well explained by geographic or average income differences 27
The geographical repartition of global incomes 27
The limited impact of redistribution on global inequality 28
The complementarity between predistribution and redistribution 31
The extreme concentration of capital 32
Box 1.1 Income and wealth inequality concepts used in this report 38
Box 1.2 The WID.world and Distributional National Accounts Project 38
Box 1.3 The rich ecosystem of global inequality data sets 40
Box 1.4 Impact of the Covid crisis on inequality between countries 42
Box 1.5 Impact of the Covid shock on inequality within countries 42
Box 1.6 What is the relationship between Gross Domestic Product, National Income and National Wealth? 46
Box 1.7 Comparing incomes, assets and purchasing power across the globe 47
Chapter 2 Global inequality from 1820 to now: the persistence and mutation of extreme inequality 50
Global inequality rose between 1820 and 1910, and stabilized at a high level since then 53
Within-country and Between-country inequalities are as great in 2020 as in 1910 55
The global economic elite never fully recovered its Belle Époque opulence 57
The regional decomposition of global inequality: back to 1820? 60
Taxes and transfers do not reduce global inequality that much 65
Understanding the roots of global economic inequality: center and periphery imbalances 65
Global inequality within countries is higher than inequality between countries - which remains significant 69
Box 2.1 Global inequality: beyond income measures 71
Chapter 3 Rich countries, poor governments 74
What is wealth and what does owning capital mean? 76
Global private and public wealth: insights 78
The return of private wealth in rich countries 79
The secular fall of public wealth was exacerbated by the Covid-19 crisis 79
The rise of private wealth in emerging countries 81
The decline of public wealth across the world 82
Net foreign wealth has largely increased in East Asia and fallen in North America 84
Financialization increased everywhere since 1980, but at different speeds 85
Economies are increasingly owned by foreigners but some have resisted this trend more than others 86
Box 3.1 How do we measure wealth inequality within countries? 88
Chapter 4 Global wealth inequality: the rise of multimillionaires 90
Global wealth data remain opaque 92
How large is global wealth and where is it held? 93
The uneven increase in wealth since the 1990s 95
Extreme growth at the very top 96
The evolution of wealth inequality in rich countries 97
Wealth inequality in emerging-countries 100
What is driving global wealth inequality? 101
Box 4.1 Who owns what? Breaking down asset ownership by wealth group 103
Box 4.2 How do we measure wealth inequality? 103
Chapter 5 Half the sky? The female labor income share from a global perspective 106
Female labor income share across the world today: regional divides 109
Evolution of women's income share across the world 110
Women earn just a third of labor income across the globe 111
The role of pay ratios vs. employment ratios 112
Breaking the glass ceiling: women at the top of the wage distribution 114
Box 5.1 Methodology 116
Box 5.2 Gender inequality metrics 117
Chapter 6 Global carbon inequality 122
The need for better monitoring of global ecological inequalities 124
Global carbon inequality: initial insights 125
Emissions embedded in goods and services increase carbon inequalities between regions 129
Global carbon emissions inequality 133
Per capita emissions have risen substantially among the global top 1% 133
Inequalities within countries now represent the bulk of global emissions inequality 136
Addressing the climate challenge in unequal societies 137
Box 6.1 Measuring carbon inequality between individuals 145
Box 6.2 Carbon footprints of the very wealthy 146
Chapter 7 The road to redistributing wealth 148
Why tax wealth? 150
Modernizing personal wealth taxation 151
Estimates for a global progressive wealth tax 152
Regional wealth tax estimates 153
Factoring-in behavioral responses to wealth taxation 154
Box 7.1 Learning from past and current examples of progressive wealth taxation 159
Chapter 8 Taxing multinationals or taxing wealthy individuals? 160
The role of corporate tax in the progressivity of the tax system 162
The decline in corporate taxation since the 1980s 164
The promises and pitfalls of minimum taxation 165
Chapter 9 Global vs unilateral perspectives on tax justice 170
Usefulness of unilateral approaches: the case of FATCA 172
Estimates of unilateral vs. multilateral tax deficit collection 173
Anti-tax evasion schemes contain many loopholes and cannot be assessed 175
Properly assessing the road towards tax transparency: publishing basic information 176
Towards a global asset register 177
Box 9.1 Central Security Depositories as building blocks for a global financial register 179
Chapter 10 Emancipation, redistribution and sustainability 182
The rise of the Welfare State in rich countries (19104980) 184
The limited rise of tax revenue and public spending in emerging countries since 1980 186
The stagnation of global tax revenue and social expenditure (1980-2020) 187
Lessons from failed trickle-down economics 187
The 1980-2020s have been marked by a rise of tax evasion, further undermining tax progressivity 190
Using 21st-century progressive tax revenue to invest in education, healthcare and the environment 191
Global redistribution: moving beyond development aid 192
Ending center-periphery imbalances 193
Box 10.1 One-off wealth taxes: a window of opportunity? 192
Box 10.2 Unequal access to healthcare: how the Covid crisis revealed and exacerbated healthcare inequalities between countries 195
Glossary 200
Country-sheets 198
Algeria 201
Argentina 203
Australia 205
Brazil 207
Canada 209
Chile 211
China 213
France 215
Germany 217
India 219
Indonesia 221
Israel 223
Italy 225
Japan 227
Mexico 229
Morocco 231
Nigeria 233
Poland 235
Russia 237
South Africa 239
South Korea 241
Spain 243
Sweden 245
Turkey 247
United Kingdom 249
United States 251