The problem of worsening income inequality is quickly gathering steam.
At the World Economic Forum in Davos, leading experts named inequality, the concentration of wealth into the hands of a few, as a pressing problem.
“The increase in inequality is the most serious challenge for the world,” Min Zhu, a special adviser at the International Monetary Fund and a former deputy governor of the People’s Bank of China, told delegates at the Davos gathering. “I don’t think the world is paying enough attention.”
His comments echoed an earlier warning from Sir Martin Sorrell, chief executive of media giant WPP, that “inequality, the concentration of wealth is a serious issue” and that marginal tax rates may need to rise for the best-off in society.
Nouriel Roubini, professor of economics at New York University, also warned that inequality “exacerbates political instability”.
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- In a separate development, the Canadian-raised thought leader and New Yorker writer Malcolm Gladwell predicts income inequality is the next big issue facing America.
- This stunning array of graphics in Mother Jones helps explain why.