The 2022 World Inequality Report has comprehensively demolished the myth that tax cuts for the rich will trickle down. Instead, the rich are getting richer:
The richest 10% of the global population currently takes 52% of global income, whereas the poorest half of the population earns 8.5% of it…
Global wealth inequalities are even more pronounced than income inequalities. The poorest half of the global population barely owns any wealth at all, possessing just 2% of the total. In contrast, the richest 10% of the global population own 76% of all wealth…
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
