Developing A Economically Developed Countries - 1649 Words

†¢ More economically developed countries (MEDC) - Countries with sovereign states and that has a highly developed economy with advanced technological industries as compared to other countries. The Human Development index, standard of living as well as the Gross national product of these economies is on the upper level of every chart. According to the International Monetary Fund, advanced economies comprise 60.8% of global nominal GDP and 42.9% of global GDP (PPP) in 2014. COUNTRY KOF INDEX OF GLOBALIZATION HUMAN DEVELOPMENT INDEX GINI COEFFICIENT IRELAND 91.30 0.899 34.3 NETHERLANDS 91.24 0.915 30.9 BELGIUM 91.00 0.881 33.0 UNITED KINGDOM 82.96 0.892 36.0 UNITED STATES OF AMERICA 74.81 0.914 40.8 These countries exhibited an increase†¦show more content†¦According to The Economist, on 28th June, 2014, Netherlands has been fighting against inequality for the past few years owing to the differential taxation system. Researchers say that the wealth distribution of Netherlands is one of the most unequal in Europe. Quoting the OECD report on Inequality within countries, of 21st May, 2015, ‘Inequality is high in the Netherlands: the top 10% owns 60% of all net wealth, while the bottom three quintiles own almost no wealth.’ Belgium has not seen a drop in inequality levels in the past 25 years. According to the EU Statistics on Income and Living Conditions (EU-SILC), 2010 survey, 30% of Belgium’s poorest calculated a fall in their net taxable incomes from 11.2% to 8.3%. While the richest calculated an increase from 27.3% to 31.9% in their shares. Referring to the US Census Bureau. (2001). Historical Income Tables – Income Equality, U.S. income inequality has been rising ever since the 1970s. The statistics from Income Inequality Generation to Generation by Robert Lenzner, Forbes (March 26, 2012) show that the recession in 2008 affected the income inequality greatly. The share of pre-tax incomes received by the top 1% wealthiest rose from 13.3% in 2009 to 14.6% in 2011. In 2012, the same rose by 20%, as compared to the remaining 99% rose only by 1%. The OECD Income inequality data update and policies impacting income distribution: United Kingdom (February 2015), broadcasts that in the UK, the income of the richest 10% is