The world's poor get richer
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The proportion of the world's adults with a net worth of less than $10,000 has plunged this century, from 75% in 2000 to less than 40% in 2023. That's according to data from the latest UBS Wealth Report.
Why it matters: The trend underscores the astonishing decline in inequality that we've seen over the past couple of decades.
By the numbers: The proportion of adults in the next band up, with wealth of between $10,000 and $100,000, has more than doubled, from 17% in 2000 to 43% in 2023.
- An adult who was in the lowest bracket in 2000, with a net worth of less than $10,000, has a 62% chance of moving into a higher bracket by 2030, per UBS.
- Never before in human history has there been any meaningful migration out of that bracket.
Between the lines: Inequality is declining significantly between countries, but it's still increasing in some middle-income countries like South Africa, Brazil, and India.
- In most of the rich world, on the other hand, inequality is declining. The Gini coefficient — the standard measure of inequality — fell between 2008 and 2023 in such countries as the U.S., Israel, Germany, Switzerland, and Korea.
- Inequality rose in the U.K., however.
The bottom line: The world is getting richer, and the share of total wealth owned by the world's poor, while still small, is at least growing.
