Countries with greater economic equality
After noting the ranking of the ten countries with greater economic inequality it's time to learn about the states where economic equality is the highest among all its inhabitants.
To elaborate this list of most equal countries we use the Gini Coefficient: a number between 0 and 1, where 0 would be a totally fair distribution of income, wealth and equity among all the inhabitants of the country and 1 would mean that all wealth is controlled by just one person. There are other indexes that measure economic inequality, but this is the one used by the UN (United Nations) and the World Bank.
With more or less inequality, all states represented in the UN agreed to reduce it inside and among countries by 2030, one of the Sustainable Development Goals. Using the Gini Coefficient, we show the ten states with better equal distribution of wealth.
Independent from the USSR since 1991, Belarus has a large public sector involvement in many of its economic sectors, mainly industrial.
Although Belarus is officially the tenth country in the top 10 with less inequality in the distribution of wealth and have an unemployment rate of 1%, its rent per capita is considered low compared with European countries.
Inhabitants: 9,498,700 in 2016
GDP: 66.370 billion dollars in 2016
Rent per capita: 7,081 dollars in 2016
Gini Coefficient: 0.265
In the case of Ukraine, the fact of appearing among the ten countries with greater economic equality does not necessarily reflect a positive reality. The armed conflict taking place in its territory since 2014 has plunged the country into an economic depression in which most of its inhabitants have been equally disadvantaged.
Therefore, although this ranking is used to measure the fair distribution of wealth, in this case also measures the equitable distribution of poverty.
Inhabitants: 44,429,471 in 2015
GDP: 90.138 billion dollars in 2015
Rent per capita: 2,199 dollars in 2015
Gini Coefficient: 0.256
Finland is a clear example of equality, not only economic but also social. In the early 70s led its eminently agroforestal economy into a highly technological industrialization.
The results came out and today Finland is a leader in quality of life, education -always at the top positions in the rankings- and unemployment rate at 7.6%, below the European average.
Inhabitants: 5,486,125 in 2015
GDP: 230.685 billion dollars in 2015
Rent per capita: 42,159 dollars in 2015
Gini Coefficient: 0.254
Despite having suffered greatly the global crisis, the Netherlands has managed to maintain a good level of equality among its inhabitants. Its economy depends heavily on foreign trade -it's the fifth global exporter- and Rotterdam is the main European port.
Its social policies and high rent per capita make it a reference for the whole Eurozone.
Inhabitants: 17,000,059 in 2016
GDP: 750.782 billion dollars in 2015
Rent per capita: 44,333 dollars in 2015
Gini Coefficient: 0.254
In Slovakia, a third of the economic resources of the society lies in the hands of the richest population, however, it is the sixth country with greater economic equality in the world. Why?
According to the World Wealth Report report, this is due to the fact that the assets of Slovaks are in non-financial assets. Thus, although the monetary wealth is not well distributed, it is offset by the distribution of non-monetary assets.
Inhabitants: 5,415,949 in 2013
GDP: 87.528 billion dollars in 2015
Rent per capita: 16,138 dollars in 2015
Gini Coefficient: 0.253
In the case of the Czech Republic, the reason for their low economic inequality is found in its labor market. With an unemployment rate of 6.1%, below the continental average, the former communist country has a fairly equitable sharing of resources.
In addition, a high percentage of its population is in working age compared to the percentage of children and retirees, which influences a stabilization of spending and revenues.
Inhabitants: 10,553,443 in 2015
GDP: 189.982 billion dollars in 2016
Rent per capita: 18,020 dollars in 2016
Gini Coefficient: 0.249
Sweden is the economic mirror into which many states, both European and outside the Old World, look. Its success lies in the proper distribution of resources. To do this, the Nordic country seeks a balance between the public and private sector, encouraging private property and economic support to cooperatives but without ruling out the nationalization of some strategic sectors.
When implementing social measures, the special needs such as education, family life and work, decent wages, grants, subsidized loans, housing facilities... are taken into account.
Inhabitants: 9,858,794 in 2016
GDP: 483.724 billion dollars in 2015
Rent per capita: 48,966 dollars in 2015
Gini Coefficient: 0.248
According to the World Economic Forum, Iceland is the most egalitarian country in the world when taking into account all measurable parameters: gender equality, economic, social, educational ... It is therefore not surprising that in regard to the distribution of wealth , is in the top 3 countries.
Iceland has a peculiar characteristic, and is its low population considering it is a European country, a candidate to join the European Union since 2013. This, coupled with an unemployment rate of around 4%, causes the Icelanders revenues to be distributed equitably.
Inhabitants: 329,100 in 2015
GDP: 17.216 billion dollars in 2015
Rent per capita: 52,967 dollars in 2015
Gini Coefficient: 0.240
The Slovenia case reminiscent looks back on Slovakia. Both are two of the poorest countries in the European Union, but in both economic resources are distributed as equitably as possible.
In Slovenia, the income of the richest 10% is only 0.8 times higher than the poorest 40%, while in states of similar economic characteristics such as Bulgaria or Latvia, that number increases to almost the double: 1.4.
Inhabitants: 2,063,077 in 2015
GDP: 44.015 billion dollars in 2016
Rent per capita: 21,308 dollars in 2016
Gini Coefficient: 0.237
The country with the most egalitarian economy in the world is Norway. And it is also positively: it distributes its wealth upward, not downward. Its high rent per capita allows the Scandinavian country to implement policies aimed at redistributing wealth.
According to the OECD (Organisation for Economic Co-operation and Development), "wage inequality is low, and redistribution through taxes and benefit system is carried out on a large scale, so that the distribution of net income is even more equal."
Norway is the most equal country in the world.
Inhabitants: 5,214,900 in 2016
GDP: 420.958 billion dollars in 2015
Rent per capita: 80,749 dollars in 2015
Gini Coefficient: 0.226