Income inequality among rich and poor is growing.
Economic inequality is growing faster everyday, says a research institute based here.
This has been linked to the phenomenon of globalization, which is eroding the importance of national borders to economic life, he said. Within countries, inequalities are rising, he added, noting that this is especially true among the poor and populous countries. This is in sharp contrast to the bottom 20 percent of the world's population which received only 2 percent of the total world income as well as the share of the bottom half who received only 9.6 percent, Dr. Milanovic said. The countries whose populations have very low incomes are those in Africa, both rural and urban India, rural and urban Indonesia and rural China. Brazil, Mexico and Russia are also showing these disparities in income between rich and poor, Milanovic added.