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Gap between rich and poor increases


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Gap between rich and poor increases

The gap between the rich and the poor has grown in most wealthy nations, according to a report by the Organisation for Economic Co-operation and Development.

The report covers 24 of the 30 countries in the OECD and looks at a period from 1985 to 2005.

In only five countries did inequalities fall during that time.

The findings were presented by OECD Secretary General Angel Gurria.

At the top of the inequality list is Mexico where the income of the richest 10 percent was on average 25 times that of the poorest 10 percent.

Mexico is followed by Turkey and then the United States.

At the other end of the scale were the Nordic countries, headed by Denmark.

The OECD said the gap between rich and poor is widespread and significant, but had not increased as quickly as many people believed. Nor was it enough to justify talk about the breakdown of society.

It concluded that people’s perceptions are distorted by them reading widely about the super rich and imagining many people living luxurious lives.

It said government action is off-setting widening disparities by increasing taxes on the wealthy and boosting spending on the poor.

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