INCOME INEQUALITY

Income inequality refers to the extent to which income is distributed in an uneven manner among a population. Income inequality is often presented as the percentage of income to a percentage of population. For example, a statistic may indicate that 70% of a country's income is controlled by 20% of that country's residents.

However, we used the Gini coefficient to track inequality and it is based on the comparison of cumulative proportions of the population against cumulative proportions of income they receive, and it ranges between 0 in the case of perfect equality and 1 in the case of perfect inequality.