Wealth disparity persists in New Zealand, as in other societies, says the Department of Statistics in a new report. The rich are getting richer and the poor are getting poorer. Big surprise there.
The poorest 50% of the population make do on 5% of the income. The wealthiest 5% own 38% of the wealth.
With the way our economy is structured, the more you have, the more you get. If you are starting off from a low income working class background, the odds are stacked against you from day one. The concern is there is a mentality amongst many New Zealanders that greed and self-interest are the highest values – a corrosive and brutal ideology that is returning us to the “law of the jungle.” This attitude is both a product and a cause of the inequality that we see around us today. Continue reading →