Bad news for the toiling masses: Rich to get still richer as world inequality grows, report says

Above, a scavenger in Shanghai scrounges for anything that is worth selling. The World Inequality Report 2018 noted that global income going to the bottom 50 percent has risen slightly in recently, thanks to gains among the poor in China, (AP)

TOKYO: A report shows inequality stabilizing at high levels in most countries, despite gains among the poor in China and much milder disparities in incomes and wealth in Western Europe.
The World Inequality Report 2018 released Friday is based on a massive collection of data compiled by an international team of researchers that includes renowned economists Thomas Piketty and Emmanuel Saez.
It shows inequality has soared since 1980 although the global top “1 percent” saw their share of global income slip slightly after the financial crisis, to just above 20 percent. It says inequality will likely widen in the future.
The data indicate the share of global income going to the bottom 50 percent has risen slightly in recent years, to 9.7 percent, thanks to gains in populous China and India.