Rich people are winning the global economic recovery.
That, according to the Organization for Economic Co-operation and Development (OECD), says in a new report that the poor - who have been hit hard by the financial crisis - have been forgotten in the global economic recovery.
"The fruits of economic recovery have not even been shared," the OECD said in a report released Thursday.
The organization found that the bottom 10% of wage earners in developed countries saw their real incomes decline by 16.2% between 2007 and 2010. Revenues of the top 10% fell only 4.6% over the same period.
The recovery also produced uneven results. Between 2010 and 2014 revenues of the lowest 10% only increased by 1.6% compared to the growth of 5.2% of those with the highest incomes.
The end result is more income inequality. Wages of the top 10% of those who receive the most money recovered to pre-crisis levels in 2014, while the poorest ones earned 14% less than before the crisis.
OECD information shows that the United States is one of the most inequitable countries. Twenty percent of Americans with higher incomes earn 8.7 times more than the bottom 20%.
Nordic countries such as Iceland, Norway and Denmark have the lowest levels of inequality among the developed countries group.There, 20% of the population with the most income earns about 3.5 times more than the 20% of the population that earns the least.
World leaders agree that inequity is a big problem. At the latest G20 meeting in China, leaders of the world's 20 largest economies called for more action to ensure that economic growth is inclusive.
In a separate study released last Thursday, the Institute for Fiscal Studies said earnings in the UK will not reach pre-crisis levels before 2021.
The full recovery will be further delayed by the separation of the country from the European Union after the brexit victory in June this year.
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