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San Francisco Chronicle
a day ago
- Science
- San Francisco Chronicle
How changing ocean colors could impact California
Earth's oceans have been getting greener at the poles and becoming bluer closer to the equator, according to a study published Thursday in Science. The shift reflects changes in marine ecosystems, which experts say could affect fish populations and create problems for fisheries, including in California. 'It has lots of potential implications for the way we use the ocean,' said Raphael Kudela, a professor of ocean sciences at UC Santa Cruz, who wasn't part of the new study. The scientists analyzed satellite data from 2003 to 2022 to track ocean concentrations of chlorophyll, a green pigment that phytoplankton use to absorb sunlight and produce sugars. While phytoplankton are often associated with harmful algal blooms, they are also the base of the marine food web, serving as food for fish and other sea creatures. Ocean regions with the highest concentrations of chlorophyll, or the greenest areas, were at higher latitudes, toward the poles. Mid-latitudes had relatively low levels of chlorophyll, or were more blue. The authors tracked global shifts in chlorophyll concentrations, a proxy for phytoplankton populations, over recent decades. The authors associated the poleward 'greening' with increasing sea-surface temperatures. 'This uneven distribution of chlorophyll (has been) intensifying over the past 20 years,' said lead author Haipeng Zhao, a postdoctoral researcher at the Georgia Institute of Technology. Zhao performed the research while at Duke University. The scientists quantified the trend using the Gini index, a measure typically used for studying wealth disparities. Kudela, of UC Santa Cruz, described the approach as 'a very elegant way' to address the question of whether ocean waters have been getting greener toward the poles. The new study analyzed open ocean waters; researchers didn't directly address coastal regions, like the Pacific Ocean waters offshore of California. Sediment in shallow coastal waters complicates satellite data: 'We don't think there's an effective algorithm that can accurately gather the phytoplankton concentrations in those coastal regions,' Zhao said. Coastal waters and the open ocean also experience distinct physical processes, Zhao explained. Kudela expects that the poleward shift in chlorophyll and phytoplankton described by the authors extends to the California coast, though the data could be noisier. Much of California lines up with latitudes associated with ocean waters that have gotten bluer over recent decades. Latitudes north of roughly Humboldt Bay have gotten greener. Scientists have already observed changes in marine environments: 'We're seeing organisms in California and Oregon and Washington moving northward because they're basically trying to follow their preferred temperature,' said Kudela, who authored a perspective accompanying the new study. Kudela noted in the perspective that the new results contrast with those of a 2023 study, which reported that oceans have become greener at low latitudes in recent decades and that the trend wasn't associated with sea-surface temperatures. That analysis, however, used a different type of satellite observation. El Niño conditions, associated with warmer-than-average sea surface temperatures, have provided short glimpses into what California waters could be like if global oceans warm, Kudela said. 'We oftentimes see the peak anchovy abundance shifts from Central California (and) Monterey up into Northern California,' Kudela said. Yellowfin tuna and dorado, normally found off Mexico, are more common off Southern California during El Niño years. The authors write that additional decades of satellite data are needed to determine whether poleward greening is a product of natural variability or driven by climate change.
The Wire
2 days ago
- Business
- The Wire
How Many Thalis Indians Can Afford – and What That Says About Their Standard of Living
In 2014, during the campaign for the elections to the Lok Sabha, Prime Minister Narendra Modi had announced that 'Achche din aane waale hain (Good times are to come)' for Indians, assuming, naturally, his party would be forming the low levels of material consumption, good times for most people would be associated with a rise in consumption. The publication earlier this year of the National Sample Survey's (NSS's) Household Consumption Expenditure Survey 2023-24 (HCES 2024), based on a survey conducted between August 2023 and July 2024, provides an opportunity to assess whether a faster rate of growth of consumption has indeed been of consumptionIn Table 1 are presented the growth rates of monthly per capita expenditure (MPCE) since 2011, the year of the last consumption survey of the previous decade. .Table 1: The growth of monthly per capita consumption expenditureRuralUrbanYearTotal growthCAGRTotal GrowthCAGR2004-05 to 2011-1235.67%4.45%35.14%4.40%2011-12 to 2023-2445.38%3.17%38.10%2.73%Notes: CAGR is the average annual growth rate. Authors' calculation from HCES 2024. Expenditure is at 2011-12 prices. The data point to a substantial decline in growth rate of consumption after 2011 for the urban population and a significant one for the rural. This should be kept in mind while reading reports of the buoyancy of India's economy, notably the feature that it is currently the fastest growing major economy of the world. The slowing of consumption growth is not surprising, given the slowing of the rate of growth of the economy across almost all its sectors during the past conclusion would be that that while consumption has continued to grow in India, the rate of growth has actually slowed. Economic policies adopted since 2014 have not been able to raise it. The 'good times', as reflected by the growth of consumption, have not come any faster than they have been coming before read: Why India Needs to Update Its Own Poverty LineInequalityThe consumption shares of the top 10% and bottom 50% of the population for three years, enabling a study of its change over time, are presented in Table 2. While there is growth in inequality in the first of the two sub-periods represented, there is an improvement in the second one, which covers a decade after 2014. This improvement is notable only for the urban section of the bottom 50%, though. The reduction of consumption inequality since 2011-12 is also borne out by the Gini coefficient presented in HCES 2024. Despite the improvement recorded, inequality remains high when the share of the bottom 50% is compared to that of the top 10%.It may be mentioned that the distribution of consumption revealed by HCES 24 is less unequal than that of the distribution of income in India published by the Paris-based World Inequality Lab. Also, the latter source presents data showing an increase in income inequality during the same period. These divergent trends are not necessarily contradictory, however, as for any given increase in income across the population consumption may be expected to rise more at the lower levels of 2: Inequality (consumption shares)2004-052011-122023-24RuralUrbanRuralUrbanRuralUrbanTop 10%.23.26.25.30.21.24Bottom 50%.33.28.31.26.33.31Source: Authors' calculation from HCES standard of living: A thali indexAs we have seen, there has been growth of consumption in India since 2014 and a reduction in its inequality . But what can be said of the standard of living implied by the level of consumption today?We evaluate the standard of living based on a specific metric, the number of thalis afforded. This is arrived at by translating the daily per capita expenditure on food into the number of thali meals that it would have commanded in the year of the survey, 2023-24, across the population. We consider the choice of the thali meal as a measure of the standard of living as intuitive, for it represents a recognisable unit of food intake across the country, even if the exact term for it may vary. We adopt two thali meals a day as the minimum acceptable standard of this raises the question of the price of a thali to be used in estimating the real value of consumption A ready source of this information is the rating and analytics agency Crisil, which publishes the average cost of preparing a thali at home, both vegetarian and non-vegetarian, based on input prices prevailing in north, south, east and west India. For a vegetarian thali in 2023-24 it came to approximately Rs 30 on average over the year. The cost of preparing a non-vegetarian thali in that year was reported as Rs value of food consumption, termed 'MPCE with imputation' by the NSS, used here includes purchases from the public distribution system, the imputed value of supplies 'received free of cost by the households through various Social Welfare Schemes', 'cooked food received free in workplace' and 'cooked food received as assistance'. While data on the last two items are available in HCES 2024, the value of free supplies of food had to be calculated. The data sources for this item are listed at the bottom of Tables 3 and of the number of thali meals per day afforded across the population are presented, for rural and urban India, respectively, in Tables 3 and 3: The thali index of consumption, Rural IndiaFractilesMonthly per capita expenditure on food with imputation (Rs.)Daily per capita expenditure on food with imputation (Rs.)Number of vegetarian thalis affordedNumber of non-vegetarian thalis afforded 0-5%1060.3635.351.180.615-10%1281.1542.711.420.7410-20%1444.1648.141.600.8320-30%1609.4653.651.790.9230-40%1755.1358.501.951.0140-50%1901.7463.392.111.0950-60%2043.0268.102.271.1760-70%2217.4073.912.461.2770-80%2428.5880.952.701.4080-90%2735.5991.193.041.5790-95%3101.35103.383.451.7895-100%3876.47129.224.312.23Notes: Authors' calculation from Table A10F of HCES 2024 and estimate of the real value of consumption of food serves as guide to the standard of living of the population at large . In 2023-24 in rural India, up to 40% of the population could not afford two vegetarian thalis a day, up to 95% of the population could not afford two non-vegetarian thalis a day, and up to 80% could not afford the combination of one vegetarian and one non-vegetarian thali at a total cost of Rs 88 a day. In the same year in urban India, up to 10% of the population could not afford two vegetarian thalis a day, up to 80% could not afford two non-vegetarian thalis, and up to 50% could not afford the combination of one vegetarian and one non-vegetarian thali a day. Food deprivation, at least in rural India, is more widespread than it is 4: The thali index of consumption, Urban IndiaFractilesMonthly per capita expenditure on food with imputation (Rs.)Daily per capita expenditure on food with imputation (Rs.)Number of vegetarian thalis affordedNumber of non-vegetarian afforded0-5%1344.5144.821.490.775-10%1656.7555.221.840.9510-20%1895.5563.192.111.0920-30%2145.9071.532.381.2330-40%2350.3178.342.611.3540-50%2572.2085.742.861.4850-60%2775.9292.533.081.6060-70%3061.41102.053.401.7670-80%3370.61112.353.751.9480-90%3873.95129.134.302.2390-95%4475.68149.194.972.5795-100%5984.70199.496.653.44Source: Authors' calculation from Table A10F of HCES 2023-24 and the analysis of aggregated data, ethnographic studies of the labour process and journalistic reportage from the field all have value in furthering our understanding of the standard of living in India. Some studies of this kind already exist, including by Anumeha Yadav and T. recent poverty estimates for India reflect the standard of living?The publication of HCES 2024 elicited poverty estimates for India from diverse sources, among them the State Bank of India and World Bank. These mostly follow the practice of establishing a poverty line based on consumption possibilities. The poverty line identifies the purchasing power needed to satisfy the daily calorie intake deemed necessary. The proportion of the population with consumption expenditure less than the poverty line is classified as 'poor'.However, it would be agreed upon, we assume, that a measure of the standard of living in terms of tangible goods afforded would yet be useful to have. This was the motivation that guided the adoption of a thali index of consumption by us. The resulting estimates of the level of consumption across the population provide perspective on the estimates of poverty in India that have followed the publication of the HCES 2024. Among them, the one from the State Bank of India shows poverty to be less than 5% in both rural and urban India. As seen above, the thali index of the standard of living, on the other hand, points to higher levels of food deprivation based on the standard of two thalis per day as the minimum acceptable food read: Reality Check: Beyond Statistics, is Poverty Actually Reducing in India?This difference very likely arises because poverty studies tend to assume that households or individuals are free to spend all their income on food. The assumption is untenable, as some items of expenditure – such as on health, education, housing, transportation and communication (read mobile phone) – assume priority, for expenditure on them is needed to engage in economic activity. This circumstance could effect a squeeze on expenditure on food, which along with the price of food determines actual consumption households may have to eat less to secure their livelihood. So, starting out with the actual expenditure on food and translating it into a measure of command over food is, in our view, realistic. The relevance of such an approach may be understood by noting the following. The estimates of poverty in the SBI report are based on an updation of the Tendulkar poverty line for 2011-12 by applying the subsequent inflation rate. Through this procedure, its authors arrive at monthly poverty lines of Rs 1,632 for rural areas and Rs 1,944 for urban areas in 2023-24. We can see from Tables 5 and 6, respectively, that these expenditure levels would not have translated into two vegetarian thalis per person daily for up to 30 % of the rural population and 20% of the urban in that year. Of course, this is assuming that the income implied by the poverty line is entirely on food.A second set of poverty estimates, using data from the HCES 2023, however, has been published by the World Bank this April. They are even more optimistic than those from the State Bank of India, pegging 'extreme poverty' at 2.8% for rural India and 1.1% for urban India. We leave it to readers to compare these poverty estimates with the estimates of the standard of living in India in 2023-24 using the thali findings using a thali index of the standard of living suggests that there is a case for reviewing the measurement of poverty in India. For a start, we would argue for a poverty measure that includes at least two thali meals a day. In this context, we refer to the emerging practice of viewing poverty as multidimensional. This is both useful and an improvement over the focus hitherto on income poverty. However, a declining multidimensional poverty based on an index that comprises up to 12 indicators of deprivation can mask a persisting food deprivation, which in our view must remain at the core of appraising the standard of living, and thus estimates presented here indicate that the levels of poverty as food deprivation in India are likely higher compared to the estimates based on the extant approach to the measurement of income poverty. The unit price of food used to arrive at feasible food consumption is central to this exercise. Our study points to the salience of the price of food for the standard of living in India, a factor which receives far too little attention from policy makers but will remain crucial to the solution to the problem of poverty in of this article were previously published on Ideas for India. Pulapre Balakrishnan is Honorary Visiting Professor, Centre for Development Studies, Thiruvananthapuram and Aman Raj is Teaching Fellow, Krea University, Sri City. We thank Aditya Bhattacharjea, Mahendra Dev, Udaya Shankar Mishra, P.C. Mohanan, M. Parameswaran, Indira Rajaraman, Preeti Sampat and Rishi Vyas for advice and discussion. Errors if any would be ours.
NDTV
4 days ago
- Business
- NDTV
Beyond Utopia: Is India Tackling Inequality?
With $4.19 trillion (current prices), India has surpassed Japan in terms of GDP in the year 2025, as per the IMF. Now, India ranks fourth in the world, just below Germany ($4.74 trillion) with a small margin. It is expected to surpass Germany within two to three years if India continues its growth trajectory. It is undoubtedly a remarkable feat for India. However, there is one concern raised in public discourse that needs to be addressed: 'Is India's growth inclusive or unequal?', and, 'Should India do more to eradicate inequality?' This question is frequently raised by a section of economists. In this article, an effort is made to understand this inequality, its trends, and how to tackle it based on secondary data and reports available, while considering all opinions. The most common index to measure inequality is the Gini coefficient (values between 0 to 1, where 0 represents perfect equality and 1 shows extreme inequality). As per the Economic Survey 2024-25, inequality has shown declining trends. The Gini coefficient for rural areas declined to 0.237 in 2023-24 from 0.266 in 2022-23, and for urban areas, it fell to 0.284 in 2023-24 from 0.314 in 2022-23, based on consumption expenditure. Historically, the Gini index has fluctuated between 31.6% (the lowest in 1993) and 35.9% (the highest in 2017) between 1977 and 2021 (World Bank). However, some experts believe that the expenditure-based Gini coefficient does not represent the true picture, as households or individuals with low incomes tend to spend more than they earn, whereas high-income groups spend much less in percentage terms, resulting in long-term wealth inequality that remains uncaptured in the data. Other reports on this matter also need to be considered, as findings vary. According to the 'Pandemic, Poverty, and Inequality: Evidence from India' report by Bhalla Surjeet S. et al. (2022), "Real inequality, as measured by the Gini coefficient, has declined to near its lowest level reached in the last forty years—it was 0.284 in 1993/94 and in 2020-21 it reached 0.292.". The percentage of total consumption at the national level by the top 10% income group changed from around 28% to 32%, while for the bottom 40%, it remained around 9% between the 1980s and 2013, as per the 'Inequality and Locational Determinants of the Distribution of Living Standards in India' report by the IMF in 2021. Other literature also shows that inequality has declined in recent years (Ghatak et al., 2022 and Gupta et al., 2021). A report titled 'State of Inequality in India' (Kapoor and Duggal, 2022) states that 6%-7% of total incomes are earned by just the top 1% and expresses concerns over the concentration of growth benefits without percolation to the poorer classes. In contrast, some studies report stark inequality based on different parameters or data sets, such as unequal median-to-top pay ratios among NIFTY50 companies, flight usage data, the Forbes list, or even food-delivery app usage data. Most reports on inequality in India are based on expenditure data, but a few also derive estimation for income or wealth inequality. One of the world's leading voices on inequality, the World Inequality Lab (WIL), provided various estimates for India in its report. According to the report, the top 1% hold 40.1% of wealth, the top 10% hold 65%, and the bottom 50% hold just 6.4%. In terms of income, the top 1% earn 22.6%, the top 10% earn 57.7%, and the bottom 50% earn just 15% of the total income share for the year 2022-23. Although after liberalisation, between 1990 and 2022, the average real growth rate in income in India became 3.6% per year, significantly higher compared to 1.6% between 1960 and 1990. But most of the income share increased for the top 1% and declined for the bottom 50%. Now, the question that arises is, is India unique in its inequality? The answer is no. The same report by WIL shows that India's income share held by the top 10% (57.7%) is in the middle with respect to other developing countries like South Africa (65.4%) and Brazil (56.8%), but higher than the USA (48.3%) and China (43.4%). Another report, 'Trends in Income Inequality and its Impact on Economic Growth (2014)' by the OECD, states, "Today, the richest 10% of the population in the OECD area earn 9.5 times the income of the poorest 10%; in the 1980s, this ratio stood at 7:1 and has been rising continuously ever at the bottom grew much slower during the prosperous years and fell during downturns, putting relative (and in some countries, absolute) income poverty on the radar of policy concerns." This proves that inequality is a part of growth for most countries and is inevitable for free market-based economies. Before delving deeper into the reasons behind inequality and strategies to tackle it, there must be clarity of thought. No matter what economic or market system a country has, inequality is a reality. No matter how hard a nation tries, inequality will persist. Except in the utopian communist system, which exists only theoretically or in propaganda literature. Such systems do not make everyone equally rich but equally poor, as experienced by many economically failed countries. Does this mean we shouldn't strive for equality and inclusivity in growth and development? No, we should certainly aim to maximise equality in a pragmatic way without falling into the trap - the trap of policies that sacrifice growth and turn a nation into a banana republic. As rightly stated in The State of Inequality in India report 2022, "Inequality is not simply a lack of resources…It is living in vulnerability and deprivation with restricted means of upward mobility. Income distribution is not an accurate measure of assessing the degree of inequality, but as a socio-economic inequalities transcend into everyday lives in ways that restrict mobility, limit one's capability to make choices, and intensify their experiences of exclusion and isolation." Thus, it is more appropriate to focus on empowering the economically and socially deprived classes. Certainly, attacking market-friendly policies, businesses, and businessmen won't help in fighting inequality. Often, incentives or tax relief for industries or corporate tax cuts are blamed for inequality and shown as the root cause. But it is essential to understand that these measures promote further investment in the economy and help create employment. High tax rates may seem attractive in the short run, but eventually, the economy suffers in the form of slow growth or business migration in the long run. To counter inequality, the most reliable and potent weapon is the philosophy of 'Antyoday', that is, the upliftment of the poorest and most marginalised members of society. Inequality is triggered primarily by social vulnerabilities in health, education, and skills among the lowest sections of society. If the government keeps uplifting the lowest strata through schemes and policies, the results can be expected to be far more positive compared to policies that may sabotage the growth cycle. Over the last decade, the government has worked in this direction. With initiatives like the 'Ayushman Card' coupled with schemes like 'Poshan,' the insecurity and risk of falling suddenly into the poverty cycle have reduced significantly. Health-related expenses are one of the most common 'emergency expenses' for low-income groups. According to the Economic Survey of India, between FY15 and FY22, the share of government health expenditure increased from 29.0% to 48.0%, and the share of out-of-pocket expenditure in total health expenditure declined from 62.6% to 39.4%. With these kinds of efforts, the government has achieved great success in eradicating extreme poverty (below 1%), poverty (low middle income PPP$3.2 per day, just 14.8% in 2019-20 compared to PPP$1.9 in 2011-12), and multi-dimensional poverty in India. Improvements in access to health and education facilities, along with food security and other basic amenities, bring the poorest of the poor to an equitable platform. An opportunity and chance from which they can at least start dreaming and aiming for higher goals and become part of India's growth story. This is the actual equality for which we, as a nation, should strive. Schemes like 'Start-up India' have paved the path for many first-generation entrepreneurs to build successful startups and unicorns. Merit and equal opportunity-based competition motivate individuals to work harder and take risks to benefit from high returns. Thus, if India maintains its economic growth trajectory while empowering socially and economically weaker sections through quality education, access to health and nutrition and skill development, inequality will be reduced - not in a utopian sense, but in a practical one.
Newsweek
4 days ago
- Science
- Newsweek
Psychopaths and Other Dark Personalities Thrive in These Places
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. People living in societies with more corruption, inequality, poverty and violence are more likely to exhibit "dark" personality traits—like narcissism, psychopathy and spitefulness. This is the conclusion of a new study led by psychologist professor Ingo Zettler of the University of Copenhagen, which analyzed data on nearly 2 million people across 183 countries and all 50 U.S. states. "It is relatively well known that both genetic and socio-ecological factors shape individuals' personality. However, respective research has hardly considered ethically or socially aversive personality characteristics," Zettler told Newsweek. Given that we now have data from about 2 million people across the world who filled out our measure on the core underlying all aversive traits via our website, we thought it would be interesting to see whether adverse societal conditions contribute to the proliferation of selfish, egoistic, and other traits," Professor Ingo Zettler told Newsweek. A file photo of a young man looking directly at the camera. A study has found that people with "dark traits" are more likely to live in societies with more corruption, inequality, poverty and violence. A file photo of a young man looking directly at the camera. A study has found that people with "dark traits" are more likely to live in societies with more corruption, inequality, poverty and violence. istockphotoluis/Getty Images Previous studies have shown that the so-called "dark triad" of personalities can show on people's faces and can even make people appear more attractive. The new analysis, however, ties these personality types to specific social settings. In their study, to quantify societal adversity, the team used World Bank data on corruption (control of corruption), inequality (Gini index), poverty (headcount ratio at $6.85/day), and violence (homicides per 100,000 people). For U.S. states, the researchers used Census Bureau data on inequality and poverty, FBI homicide rates, and Justice Department corruption convictions. These metrics allowed consistent comparisons across global and state-level contexts to assess long-term societal conditions. Combining this data with the personality questionnaire results of more than 2 million participants, a clear relation appeared. "The more adverse conditions in a society, the higher the level of the dark factor of personality among its citizens. This applies both globally and within the United States," Zettler said. Analysis of the data found that countries like Indonesia and Mexico or U.S. states such as Louisiana and Nevada—which had higher levels of corruption, inequality, poverty, and violence—also have higher "Dark Factor" levels. "The more adverse conditions in a society, the higher the level of the dark factor of personality among its citizens." Ingo Zettler Meanwhile, people in countries with lower levels of societal corruption and inequality, like Denmark and New Zealand, or states such as Utah and Vermont, tended to have have fewer "Dark Factor" personality traits. Although the observed link between environment and personality was moderate, the authors emphasize its real-world consequences. "Aversive personality traits are associated with behaviors such as aggression, cheating, and exploitation—and thus with high social costs. Therefore, even small variations can lead to large differences in how societies function," Zettler explained. Zettler believes that the findings of this study could help shape views on societal reforms and the importance of building better societies. "Our findings substantiate that personality is not just something we are born with, but also shaped by the society we grew up and live in," he said. This means that reforms that reduce corruption and inequality not only create better living conditions just now, they may also contribute to mitigating aversive personality levels among the citizens in the future." Do you have a tip on a science story that Newsweek should be covering? Do you have a question about psychology? Let us know via science@ Reference Zettler, I., Lilleholt, L., Bader, M., Hilbig, B. E., & Moshagen, M. (2025). Aversive societal conditions explain differences in "dark" personality across countries and US states. Proceedings of the National Academy of Sciences, 122(20), e2500830122.
Yahoo
13-06-2025
- Business
- Yahoo
How has wealth inequality changed across Europe since the 2008 crisis?
The richest 10% in the eurozone held 57.3% of total net household wealth in the final quarter of 2024. This is 2.8 percentage points higher than in the same period of 2009, when their share was 54.5%, according to the European Central Bank (ECB). Wealth inequality has increased in some parts of Europe while declining in others in the period from 2008 to 2023, according to UBS's Global Wealth Report 2024. The report notes that wealth inequality has generally risen in most of Eastern Europe, while the data for Western Europe is 'extremely mixed'. So, which European countries have seen the greatest increases or decreases in inequality since the 2008 financial crisis? And which countries in Europe have the highest disparities between rich and poor? UBS's report covers 12 European countries and uses the Gini coefficient as the primary measure of inequality. A higher Gini coefficient indicates greater wealth inequality, with 0 representing perfect equality. Net worth — or 'wealth' — is defined as the total value of a household's financial and real assets (primarily housing), minus its debts. In 2023, the Wealth Inequality Gini Index ranged from 46 in Belgium to 75 in Sweden, among the 12 European countries covered. Sweden recorded the highest level of wealth inequality by far, followed by Germany (68), Switzerland (67), and Austria (65). Belgium stood out with the lowest Gini score of 46, indicating the highest level of equal wealth distribution in the list. It was a clear outlier, as the closest countries — Italy and Spain — both had significantly higher scores of 57. France and the UK — two of Europe's major economies — both fall below the 12-country average Gini index of 62.1, with scores of 59 and 61 respectively. Among the Nordic countries, Denmark (62) and Finland (64) were around the average, as was the Netherlands (64). Looking at the change in the Gini Index between 2008 and 2023, Finland recorded the highest increase, rising by 21%, from 53 to 64. Spain followed closely, with a 20% increase, from 47 to 57. Italy also saw a notable rise of around 15%, going from 50 to 57, while Denmark's index increased by 11%, from 56 to 62. According to the UBS report, wealth inequality also increased in the UK by roughly 8% and in France by 5% between 2008 and 2023. Sweden, which had the highest Gini Index among the countries examined, saw only a slight rise of 1% during this period. Wealth inequality declined in five out of the 12 countries examined. Belgium saw the largest drop, with an 11% decrease in its Gini Index—from 51 to 46. Germany, Austria, and Switzerland each recorded a roughly 5% decline, while the Netherlands saw a 4% reduction over the same period. Veli-Matti Törmälehto, a senior researcher at Statistics Finland, noted that surveys carried out by his own organisation also indicate a rise in wealth inequality. 'In general, the increase in wealth inequality in Finland can be attributed to a shift from real assets towards financial assets in households' average portfolio,' Törmälehto told Euronews Business. 'The role of housing wealth has been important, with weak and even declining housing prices and uneven regional patterns, as well as declining homeownership rate.' He also noted that financial wealth has continued to grow, which contributes to rising inequality, as these assets are heavily concentrated among the wealthiest households. According to Statistics Finland, the share of total wealth held by the wealthiest 10% of households increased from 43.9% in 2009 to 51.8% in 2023. Related Billionaire wealth surges as Oxfam predicts five trillionaires in decade Where are Europe's top tax havens - and how are they luring in the rich? Arthur Apostel, a researcher at Ghent University, pointed out that an ECB study shows a slight decline in Belgium's wealth inequality — from 0.71 in 2010 to 0.69 in 2023 —representing a 2.8% decrease. This differs from what the UBS report claims. Apostel argued that there is insufficient evidence to confidently conclude that wealth inequality in Belgium has meaningfully decreased in recent years. According to the Distributional Wealth Accounts (DWA), the share of net wealth held by the top 5% in Belgium declined from 49.3% in 2010 to 44.8% in 2023. Both Apostel and Törmälehto recommend caution when using UBS figures, especially for cross-country comparisons, as the report relies on estimates drawn from a mix of micro- and macro-level data. Gini Index scores may not clearly show how unequally wealth is distributed, partly because they're not very sensitive to the extremes. But wealth shares held by top percentiles provide a more detailed picture. While this breakdown is not included in the 2024 UBS report, it is available in the 2023 edition, which presents data from 2022. In 2022, the richest 10% of households in Sweden held 74.4% of total wealth, while in Belgium they held just 43.5%. These two countries had the highest and lowest wealth inequality Gini Index scores, respectively, among the 12 countries included in 2023. The top 10% of households held 63% of total wealth in Germany and 62.5% in Switzerland— placing both countries just behind Sweden in both the Gini Index and the share of wealth held by the top 10%. While the rankings of some countries shift slightly when looking at the top 5% or top 1% of wealth holders, the overall trends in wealth distribution remain consistent. The report emphasised that changes in inequality alone don't necessarily indicate whether people are better or worse off in different countries. It suggests that absolute wealth levels also need to be taken into consideration 'in order to paint a comprehensive picture of a society's wealth profile'. In other words, it's also important to look at how much wealth people have, as well as how it is divided.
