Inequality has remained persistently high for decades, and a new report shows just how stark the divide is between the richest and poorest people on the planet. Insider reports: The 2022 World Inequality Report, a huge undertaking coordinated by economic and inequality experts Lucas Chancel, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, was the product of four years of research and produced an unprecedented data set on just how wealth is distributed. “The world is marked by a very high level of income inequality and an extreme level of wealth inequality,” the authors wrote. The data serves as a complete rebuke of the trickle-down economic theory, which posits that cutting taxes on the rich will “trickle down” to those below, with the cuts eventually benefiting everyone.
They argue in the new report that the last two decades of wealth data show that “inequality is a political choice, not an inevitability.”