A new study shows the wealth gap among countries in the developed world has widened to the highest level in 30 years.
The report, by the Paris-based Organization for Economic Cooperation and Development, found that the richest 10 percent of the population in 20 developed economies earn 9.6 times the income of the poorest 10 percent. That ratio has risen steadily from 7 to 1 in the 1980s.
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The gap has come as the top earners have accumulated a great share of overall wealth, which is much more concentrated than income, according to the report. On average, the 10 percent of wealthiest households hold half of all wealth, while the next 50 percent hold almost all of the rest. Those in the bottom 40 percent of all households own just more than 3 percent of all wealth.
The report points to globalization, technological change and regulatory reforms as major factors behind the widening wealth gap. Workers in high-skill, high-demand jobs like IT or finance have seen big gains in wages, while pay for low-skilled workers has lagged. Tax cuts for high earners have also helped concentrate wealth, the report said.