Income Inequality Us Gini Coefficient
Is found to have increased by about 20 from 1980 to 2016 the gini coefficient ranges from 0 to 1 or from perfect equality to complete inequality.
Income inequality us gini coefficient. A score of 0 on the gini coefficient represents complete equality i e every person has the same income. The gini coefficient was developed by italian statistician corrado gini in 1912 and is the most commonly used measurement of wealth or income inequality. Income from black market economic activity is not included. Data are based on primary household survey data obtained from government statistical agencies and world bank country departments.
In 2019 according to the gini coefficient household income distribution in the united states was 0 48. United nations world income inequality database the gini coefficient measures wealth distribution and income inequality in an economy. This figure was at 0 43 in 1990 which indicates an increase in income inequality in the u. Inequality in household income as measured by the gini coefficient increased by 5 points between 1944 and 2018.
The data refer to 2010 2017. The gini coefficient is a measure of inequality of incomes or sometimes wealth across individuals. The gini coefficient ranges from 0 0 to 1 100 with 0 representing perfect equality and 1 representing perfect inequality. Gini index world bank estimate world bank development research group.
Income inequality gini. This is a list of countries ranked by income inequality among individuals or households. The united states currently holds 41 6 percent of the world s personal wealth making it the richest nation in the world but has a gini coefficient 42 that is the worst of any oecd. A score of 1 would represent complete inequality i e where one person has all the income and others have none.
Findings from other researchers show the same general rise in inequality over this period regardless of accounting for in kind transfers. The gini coefficient is based on the comparison of cumulative proportions of the population against cumulative proportions of income they receive and it ranges between 0 in the case of perfect equality and 1 in the case of perfect inequality. Income inequality is defined by gini index between 0 and 1 where 0 corresponds with perfect equality and 1 corresponds with absolute inequality. By either estimate income inequality in the u s.
A higher gini coefficient means greater inequality.