The answer is the wealth gap, economic or wealth inequality. It is usually measured using different metrics from consumption, income, and wealth in assets. Indices are used to indicate the measure of this gap such as the Gini coefficient. Many countries have varying national wealth gaps. Global wealth gap indicates that by 2030 the richest 1% of the global population will possess two-thirds of global wealth.
The difference in income between the richest and poorest citizens is called the wealth gap.
The difference in income is one of those factors causes economic inequality. There are several reasons why some people paid higher than others. Those reasons include:
1. Education/Skills
Education plays an important role in defining someone income. Differences in education, in terms of levels and quality, still play an important role in economic inequality. The level of education is often proportional to the level of skill. Educated or skillful people get higher income.
2. Technology
In many jobs, innovation and technology growth has eliminated several unskilled workers causes them losing the jobs. The impact of increasing unemployment is stagnant or decreasing wages for most workers because of but a high supply of labor.
3. Personal factors
Personal factors such as, IQ, EQ, and ability to save the income varied between individual. It would be resulted in different wealth accumulate.
Several efforts have been made to reduce economic inequality such as increasing the minimum wage, expanding the Earned Income Tax, investing in education and build assets for working families.
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Keywords: wealth gap, the difference in income, the income gap, poverty, inequality access to basic services
