Study Reveals Wealth Gaps in New Zealand
January 17, 2017 New Zealand Finance
In a new report published on January 16th, Oxfam New Zealand has revealed the state of income inequality in New Zealand, claiming that a small number of individuals in the country control more wealth than a significant portion of people.
In its report, Oxfam claimed that just 2 individuals have more wealth between each other than all the wealth held by approximately 30 percent of New Zealand adults.
Further, the richest 1 percent of all New Zealanders collectively hold 20 percent of the country’s wealth, while the bottom 90 percent of people holds less than half the country’s wealth.
The results of the report are based on analysis of total wealth, and not disposable income, as many high-wealth individuals are able to lower their reported income while still enjoying the benefits of high levels of accumulated wealth.