Nations with the Biggest Disparity Between Rich And Poor

BANGALORE: As the gap between the rich and the poor in OECD countries has reached its peak level for over 3 decades, it is high time the respective governments must act to tackle inequality, according to a new report entitled “Divided We Stand: Why Inequality Keeps Rising” by Organization of Economic Co-operation and Development.
The report finds that the average income of the richest 10 percent is now about nine times that of the poorest 10 percent across the OECD.
The OECD underlines the need for governments to review their tax systems to ensure that wealthier individuals contribute their fair share of the tax burden. Therefore, here are the 7 countries where gap between the rich and the poor is the widest.

Portugal: The gap between rich and poor is still widening in Portugal, the country with the greatest social disparity in the European Union, according to a quality of life report released by OECD.

The report shows that the highest salaries in state-owned or partially state-owned companies were 27 times greater than the previous year. Social and economic indicators published by the EU revealed that Portugal’s high levels of poverty and social injustice, which are unacceptable in a country that has been a member of Europe’s “rich nations club” since 1986. The OECD, which has 30 members and brings together all the industrialized countries, stated that Portugal would be left behind advanced nations in the next few years. This country’s social spending as a percentage of GDP totaled 26.4 percent, among the highest out of the OECD countries. However, the country was still among the most unequal in the developed world, even after taking into account taxes and transfer payments.

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