Global Inequality Is Falling: More Evidence

The Economist reported on a new study that finds that the “Gini coefficient of global inequality fell from 69 in 2003 to 65 in 2013. And median income rose from about $1,000 to $2,000 in just ten years.” The economists and authors of the study estimate that it will continue to plummet to 61 by 2035. As for annual income, the abstract states, “The number of people earning between US$1,144 and US$3,252 per year in 2013 prices in purchasing power parity (PPP) terms will increase by around 500 million, with the largest gains in Sub-Saharan Africa and India; those earning between US$3,252 and US$8,874 per year in 2013 prices will increase by almost 1 billion, with the largest gains in India and Sub-Saharan Africa; and those earning more than US$8,874 per year will increase by 1.2 billion, with the largest gains in China and the advanced economies.”

I’ve written about global inequality here before. Nathaniel and I have even published on the subject. This is utterly fantastic news.