Wealth Inequality Essay

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VI. Annex
i) Global Gini Coefficients from the World Bank:
Table 1
Low Income Countries Gini coefficient High Income Countries Gini coefficient Latin American Countries Gini coefficient
China 1.6 Australia 1.7 Argentina 2.8
Egypt 1.3 Belgium 1 Bolivia 3.6
India 1.4 Canada 1.4 Brazil 5.6
Ivory Coast 1.6 France 2.1 Chile 4.4
Kenya 4.7 Germany 1.3 Costa Rica 2.5
Madagascar 2.2 Italy 1.4 Ecuador 4.9
Nigeria 2.4 Japan 1 El Salvador 3.5
Pakistan 1.2 New Zealand 1.8 Mexico 4.4
Sri Lanka 1.1 Spain 1 Panama 4.9
Tanzania 1.7 Sweden 1 Paraguay 5.7
Uganda 2 Switzerland 1.8 Peru 2.6
Vietnam 1.5 UK 1.9 Uruguay 2.2
Zimbabwe 4.6 US 1.6 Venezuela 2.7

Testing for inequality ii) The Lorenz Curve
Will first construct the Lorenz curve to measure wealth inequality and will do so in four simple steps.
Step 1 drawing the axis: Along the x-axis we have the cumulative percentage of households and along the y-axis the cumulative percentage of wealth. Each will range axis will span from 0 to 1.
Step 2 ordering the data: Ordering incomes lowest to highest we are able to compute what proportion of the we...

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