Being poor in a rich country

The FT has an article today with ‘the one chart that explains the world’.

Global income distribution by ventile

 

The vertical axis refers to the distribution of global incomes. The horizontal axis segments citizens of different countries by 20 income groups. As you can see, even the poorest people in Germany are very much richer than those in the Ivory Coast, for example. The person compiling the data, Prof Milanovic, finds that about half of one’s income depends on the average income of the country in which that person was born.

It reminds me of a post on global income distribution I made previously, basically that the poorest 5% of Americans earn more than the richest 5% of Indians. Source .

India led the world in GDP before the industrial revolution, when population meant productivity, and India had the largest population. Following the industrial revolution, India entered a long period of economic stagnation. India used to account for 33% of the world’s GDP, then fell to 3%. Source.

 

 

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4 Responses to Being poor in a rich country

  1. 06cedmuho says:

    Reblogged this on 06cedmuho.

  2. Aneesh Kumar says:

    But Marc, being a poor is good sometimes. It will help to learn the value of life. For eg In my case suppose, if I owned a car i will use the same for an outing or any where else I am going. But luckily I dont have one 🙂 . so I am carrying my baby in my hand always when I am going outside and it gives me immense pleasure. and many more..So in my concept poverty is not a bad thing 🙂

    • Marc Gawley says:

      But what do you do when you are on your new bike Aneesh, how do you carry your daughter then? 🙂

      • Aneesh Kumar says:

        I dont have bike too Marc 🙂 . I have only cycle and that is only for office travaelling. When I am in my hometown my baby will sit btwn me and her mother. 🙂

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