(800) 721-4900

Which Countries Have the Greatest Wealth Inequality?

SHARE:

Based on Share of Income of the Richest 1%

Wealth inequality worldwide is a serious issue that has been deepening over time–the rich get richer and the poor get poorer. But just how bad is economic inequality globally? According to the latest report provided by the World Inequality Database, the top 10% own nearly 75% of the world’s entire wealth, while half of the world’s population is almost entirely devoid of it. Is wealth inequality getting worse? Slowly but surely, the divide is growing. The wealth owned by the richest .01% has grown from 8% of total wealth in 1995 to 12% currently. The gap between the wealthiest .01% and the bottom 50% has increased 50% between 2008 and 2022 with no relief or change in sight. Of course, there is significant variation in wealth inequality by country. To shed light on which countries have the most wealth inequality, the team at Madison Trust has created this eye-opening visualization using data on the income share of the richest 1% by country:

Which Countries Have the Greatest Wealth Inequality? - Madison Trust Self-Directed IRA - Infographic

Which country has the greatest wealth inequality?

The country with the highest wealth inequality based on the income share of the richest 1% is the Maldives. The wealthiest 1% in the Maldives receive 35.61% of the country’s entire income. Here are the top 10 countries with the highest wealth inequality (based on how much of the country’s income is received by the wealthiest 1%):

  1. Maldives wealth inequality – 35.61%
  2. Mozambique wealth inequality – 31.11%
  3. Central African Republic wealth inequality – 31.00%
  4. Mexico wealth inequality – 26.81%
  5. Cambodia wealth inequality – 26.81%
  6. Myanmar wealth inequality – 26.49%
  7. Angola wealth inequality – 25.98%
  8. Peru wealth inequality – 25.18%
  9. Bahrain wealth inequality – 24.34%
  10. Yemen wealth inequality – 24.20%

Which country has the most wealth equality?

Which country has the least wealth inequality? The Scandinavian country Norway is believed to have the most egalitarian economy in the world with only 6.87% of the country’s income going to the wealthiest 1%. As a result, Norway’s economy is often referred to as the world’s most inclusive economy. However, this was not always the case. Over a century ago, Norway experienced poverty levels and wealth inequality akin to America’s Gilded Age (when 11 of the nation’s 12 million families earned under $1,200 annually). Norwegians became discouraged by the results of this colossal wealth gap: hunger, poverty, and crime ran rampart, the elderly were often abandoned, and young people struggled to find work. Over the next decades, movements piloted by workers and social reformers gained momentum and popularity, gradually transforming Norway’s economy into the healthy, balanced entity that it is today. Critics of Norway’s dedication to a strong welfare base (and the higher taxes and regulation that come with it) believe that it stifles entrepreneurship. In reality, the opposite is true. Norway ranked 7th out of the 50 participating countries in the National Entrepreneurial Context Index in 2023. In fact, research shows that Norwegians may be greater risk-takers than average because they do not have to worry about educational debt, retirement, or medical care.

Why is income inequality so low in Nordic countries?

According to the Institute of Policy Studies, the “robust social safety nets and progressive taxation” of Norway and other Nordic countries contribute to a well-rounded economy that reduces income disparities. Nordic countries are also among the happiest countries in the world. While many factors play a role in the overall happiness of Scandinavian countries, The World Happiness Report describes the “reliable and extensive welfare benefits” as a key ingredient. It goes on to state that: “People tend to be happier in countries where there is easy access to relatively generous welfare benefits, and where the labor market is regulated to avoid employee exploitation.”

Is wealth inequality high in the United States?

How bad is income inequality in the U.S.? Wealth inequality in America is higher than almost any other developed country. 20.87% of the United States’ income goes to the wealthiest 1%, earning it 22nd place in our list of countries with the highest wealth inequality. This issue has only been aggravated over time; in the past 60 years, there has been a massive transfer of wealth from the middle class to the wealthiest families. In 1963, the wealthiest families held 36 times the wealth of the middle class. By 2022, this increased to 71 times the wealth. Racial wealth inequality in the United States is another dire pain point. In 2023, white households accounted for 85% of total U.S. wealth.

How are the rich getting richer? While there are countless factors involved, appreciating assets and wise investments plant the seeds for growing wealth for many of the world’s most illustrious. We can help you put your wealth to work so that it blossoms into near and future success for you and your family.

Countries Around the World Ranked by Share of Income of the Richest 1%

Rank

Country

Share of Income of the Richest 1%

1

Maldives

35.61%

2

Mozambique

31.11%

3

Central African Republic

31.00%

4

Mexico

26.81%

5

Cambodia

26.79%

6

Myanmar

26.49%

7

Angola

25.98%

8

Peru

25.18%

9

Bahrain

24.34%

10

Yemen

24.20%

11

Russia

23.76%

12

Chile

23.66%

13

Zambia

23.17%

14

Botswana

22.74%

15

India

22.60%

16

Qatar

22.44%

17

Namibia

21.57%

18

Zimbabwe

21.08%

19

Cote d'Ivoire

21.03%

20

Saudi Arabia

20.98%

21

Costa Rica

20.94%

22

United States

20.87%

23

Syria

20.66%

24

Seychelles

20.56%

25

Lebanon

20.53%

26

Congo

20.52%

27

Iraq

20.13%

28

Malaysia

20.13%

29

Rwanda

19.89%

30

Brazil

19.74%

31

Philippines

19.57%

32

Colombia

19.33%

33

Eswatini

19.33%

34

Taiwan

19.33%

35

South Africa

19.31%

36

Uganda

19.29%

37

Oman

19.07%

38

Armenia

18.97%

39

Kuwait

18.96%

40

Turkey

18.78%

41

Bahamas

18.72%

42

Belize

18.72%

43

Bolivia

18.72%

44

Guatemala

18.72%

45

Guyana

18.72%

46

Haiti

18.72%

47

Honduras

18.72%

48

Jamaica

18.72%

49

Nicaragua

18.72%

50

Panama

18.72%

51

Paraguay

18.72%

52

Suriname

18.72%

53

Trinidad and Tobago

18.72%

54

Thailand

18.70%

55

Bulgaria

18.69%

56

Denmark

18.55%

57

Georgia

18.53%

58

Turkmenistan

18.40%

59

Tanzania

18.15%

60

Bhutan

18.08%

61

Egypt

18.08%

62

Iran

18.07%

63

Papua New Guinea

18.06%

64

Hong Kong

17.85%

65

East Timor

17.59%

66

Uzbekistan

17.44%

67

Palestine

17.42%

68

Equatorial Guinea

17.37%

69

Laos

17.06%

70

Jordan

17.05%

71

Uruguay

17.00%

72

Niger

16.57%

73

Vietnam

16.42%

74

Afghanistan

16.22%

75

Israel

16.04%

76

Azerbaijan

15.89%

77

Mauritius

15.89%

78

Djibouti

15.86%

79

Cameroon

15.85%

80

Pakistan

15.73%

81

China

15.72%

82

Kyrgyzstan

15.58%

83

Burkina Faso

15.56%

84

South Sudan

15.53%

85

Sudan

15.36%

86

United Arab Emirates

15.31%

87

Dominican Republic

15.27%

88

Ghana

15.23%

89

Kenya

15.19%

90

Ireland

15.18%

91

Madagascar

15.17%

92

Morocco

15.14%

93

Malawi

15.02%

94

Sierra Leone

15.02%

95

Cuba

14.91%

96

Mongolia

14.84%

97

Togo

14.84%

98

Indonesia

14.79%

99

Sri Lanka

14.77%

100

Burundi

14.74%

101

Democratic Republic of Congo

14.63%

102

Lesotho

14.46%

103

Ecuador

14.36%

104

Senegal

14.33%

105

Estonia

14.27%

106

Comoros

14.15%

107

Benin

14.03%

108

Cape Verde

13.91%

109

Greece

13.84%

110

Eritrea

13.82%

111

Ethiopia

13.82%

112

Chad

13.77%

113

Gambia

13.61%

114

Ukraine

13.60%

115

Italy

13.55%

116

Libya

13.46%

117

Argentina

13.42%

118

Sweden

13.28%

119

Japan

12.86%

120

France

12.69%

121

El Salvador

12.58%

122

Brunei

12.44%

123

Somalia

12.44%

124

Liberia

12.20%

125

Tajikistan

12.06%

126

Guinea-Bissau

11.96%

127

North Korea

11.88%

128

Mali

11.83%

129

Lithuania

11.81%

130

Bangladesh

11.64%

131

New Zealand

11.60%

132

Nigeria

11.59%

133

Gabon

11.02%

134

Switzerland

10.91%

135

Tunisia

10.91%

136

Mauritania

10.75%

137

Austria

10.72%

138

Kazakhstan

10.64%

139

Finland

10.62%

140

Canada

10.59%

141

South Korea

10.48%

142

Poland

10.41%

143

Hungary

10.35%

144

Serbia

10.32%

145

Singapore

10.27%

146

Germany

10.26%

147

United Kingdom

10.19%

148

Romania

10.04%

149

Spain

10.02%

150

Netherlands

10.00%

151

Algeria

9.91%

152

Australia

9.91%

153

Portugal

9.82%

154

Moldova

9.77%

155

Nepal

9.69%

156

Latvia

9.58%

157

Iceland

9.52%

158

Bosnia and Herzegovina

9.44%

159

Malta

9.33%

160

Luxembourg

8.95%

161

Sao Tome and Principe

8.95%

162

Slovenia

8.75%

163

Cyprus

8.74%

164

Belarus

8.66%

165

Croatia

8.66%

166

Guinea

8.63%

167

Kosovo

8.35%

168

Albania

8.33%

169

Macao

8.21%

170

Montenegro

8.04%

171

Czechia

7.61%

172

Belgium

7.45%

173

North Macedonia

7.45%

174

Slovakia

7.07%

175

Norway

6.87%

The Top 10 Countries in the World With the Highest Income Share of the Richest 0.1% of the Population

Rank

Country

Share of Income of the Richest 0.1%

1

Maldives

23.05%

2

Myanmar

13.51%

3

Mozambique

13.31%

4

Central African Republic

13.17%

5

Cambodia

11.65%

6

Angola

11.23%

7

United States

9.97%

8

Russia

9.83%

9

India

9.58%

10

Denmark

9.23%

Sources:

Our World in Data – Economic Inequality (https://ourworldindata.org/economic-inequality)
World Inequality Database (https://wid.world/)

Would you like to display this on your website? Copy and paste the code below!

<center>

<textarea readonly>

<a href="https://www.madisontrust.com/information-center/visualizations/which-countries-have-the-greatest-wealth-inequality/">

<img src="https://www.madisontrust.com/wp-content/uploads/2024/07/countries-greatest-wealth-inequality-4b_c.png" alt="Which Countries Have the Greatest Wealth Inequality? - MadisonTrust.com - Infographic></a><br><a href="https://www.MadisonTrust.com" alt="MadisonTrust.com" title="MadisonTrust.com">By MadisonTrust.com</a>

</textarea>

</center>

Corporate Headquarters:
Madison Trust Company
401 East 8th Street • Suite 200
Sioux Falls, SD 57103
Mailing Address:
Madison Administration Company
One Paragon Drive • Suite 275
Montvale, NJ 07645
Hours:
Monday - Thursday: 9:00AM - 6:00PM EST
Friday: 10:00AM - 4:00PM EST
Saturday/Sunday: Closed
Contact:
(800) 721-4900
[email protected]
F: 845-947-1212
magnifiermenuchevron-down