Speaking at the Parliamentary Assembly of the Council of Europe (PACE), Angel Gurria, the head of the Organization for Economic Co-operation and Development (OECD), raised alarm over the growing levels of income inequalities in the global economy.
Stating that global inequalities have never been so high in the past, Angel said that the income of the top 1/10th of the richest countries in the OECD is 9.5 times the income of the bottom 1/10th of the poorest countries. He revealed that this ratio was just 6 times when the global economic crisis began and has been steadily climbing despite the global recovery.
The head of the OECD said that inequality in member nations was even worse. The top tenth riches in USA were 14-15 times of the poorest tenth of the population. Mexico and Chili had a ratio of 25-26, Brazil had a ratio of 50 times and some African nations had a hundred-fold inequality ration between the richest and the poorest.
He bluntly stated that the data was clearly indicating the entire global economy was going in the wrong direction at a very alarming pace.