Wealth inequality is present in almost every nation. It was common knowledge that the richest 1% have more wealth than the general population does but a recent study revealed that this 1% will overtake the rest of the 99% in 2016 itself. There are several reasons of inequality of wealth, to name a few – inheritance, system of private property, differences in acquired talent and differences in natural qualities.
These factors are widespread and have a similar effect in almost all the countries be it, U.S.A, U.K., India etc. Only a few countries have some immunity if not total immunity from these causes, some interesting examples are – Russia and China. The reason these countries are spared from this unequal distribution is because they control almost everything that happens in their economy as it is a socialistic and in many ways a closed economy. They decide what their citizens do, how they do, what resources will be available to complete a certain task and how much time should be dedicated to finish it. These countries follow the policy of minimum interference with the outside world and as less as possible economic interactions with the outside open world of trade.
All of this was only possible till people like Boris Yeltsin the first president of the Russian federation were left in charge. In the modern times as economic inequality has risen the economists have started researching for new methods to prevent it as in this fast paced economy anti-trade or closed economy have been deemed as “primitive” and “inefficient” ways of preventing economic disasters. Some people who belong to this criteria of 1% have also come forward to help like Bill Gates has put up numerous agencies to help the needy and poor, Warren Buffett has pledged to give away 99% of his wealth to the poor and needy and Jon Bon Jovi the singer who owns a charitable foundation of the same name and has done a lot of philanthropist work in the past decade.
In the end we can say that many measures have been taken to curb this rise in the unequal distribution of wealth but the rate at which it has increased and is increasing is far more than the number of solutions taken to stop it.