About 60% of the country’s assets are in the hands of the wealthiest 10%
The World Inequality Lab report, prepared by French economist Thomas Piketty, warns of rising inequalities
The unequal distribution of fortunes and assets also affects Spain. According to him macroestudio del World Inequality Lab, published this Tuesday, 1% of Spaniards richest owns 24.2% of the patrimonial wealth of the country, while the poorest 50% only have 6.7%. The report prepared by the prestigious French economist Thomas Piketty and his team warn about economic inequalities in Spain, despite being part of the club of European countries that best manage to curb this problem, especially compared to the rest of the continents. “Spain is a relatively egalitarian country compared to its European neighbors. (& mldr;) The levels of inequality are similar to those of France and lower than those of Germany& rdquor ;, points out the macro-study of the World Inequality Lab, which also includes Gabriel Zucman, Lucas Chancel, Emmanuel Saez and Clara Martínez-Toledano from Madrid. The 10% of the richest Spaniards monopolize 34.5% of income from work and capital, while in Europe as a whole it accounts for 36%. However, these percentages are calculated before tax redistribution, especially beneficial in the Spanish case for the highest incomes.
The richest dominate the real estate heritage
In fact, these inequalities soar in the case of wealth assets. The top of the pyramid (1%) has almost a quarter of the country’s real estate assets. 57.6% of these fortunes are in the hands of the richest 10%. The middle classes – the middle class between the most expensive 10% and the modest 50% – own 35.8%.
“Over the past 30 years, despite financial bubbles and bankruptcies, the wealth of 10% has remained very stable,” the report indicates. And it specifies that this is due to the fact “that the rich Spaniards sold a part of their real estate assets when the bubble burst in 2008& rdquor ;. Since then, monopolize a growing share of the real estate pieSpain does not escape the global trend of concentration of wealth at the top. The 10% of the wealthiest population concentrates 76% of the world heritage, and 52% of the income. Latin America, North Africa and the Middle East (MENA) They represent the regions with the most inequalities in the world. In contrast, Europe is the continent with the most equitable redistribution. However, the report’s authors note that inequalities between the populations of the poorest and richest states have decreased in the last two decades, but at the same time they have increased within countries.
The richest pollute five times more
Piketty and her team show how economic inequalities were reduced in Spain throughout the 20th century. As it happened in the rest of Europe, this trend stopped with the rise of neoliberalism from 1980. Since then, they increased during the eighties and after the financial crises of 2008. At the moment, there is no significant increase with the recession caused by covid-19.
The disparate levels of wealth are also reflected in carbon dioxide emissions. According to the macro-study, wealthier Spaniards have a much higher impact on climate change regarding the poorest. The richest 1% emits 64.7 tons per year per person and 10%, 20.8 tons. In contrast, this percentage in 50% of the modest population drops to 4.6 tons per capita.
On a positive note, the report shows the increasing equality in the distribution of wealth between men and women. Spanish women own 40% of earned income. A percentage lower than its weight in the population, but much higher than the 24.7% in 1990.