Oklahoma City

How Income Inequality In Oklahoma Compares To Other States – Oklahoma City, Oklahoma

Oklahoma City, Oklahoma 2021-10-18 14:34:55 –

2021-10-17

The United States has the highest levels of income and wealth inequality in the world. Federal Reserve data show that the wealthiest 10% of Americans manage $ 93.8 trillion. That’s more than double the $ 40.3 trillion in the hands of the remaining 90% of Americans.

The gap between income and wealth appears to be widening. According to a January 2020 report published by the Pew Research Center, the income growth of the top 5% of families by income has far outpaced that of low-income families over the past 40 years.

Income inequality varies considerably across the United States, based on the Gini coefficient, a measure of income inequality based on the income distribution of the entire population. The Gini coefficient is a scale from 0 to 1. 0 represents perfect equality and 1 represents the highest level of inequality possible. Nationally, the Gini coefficient is 0.481.

The Gini coefficient of Oklahoma is 0.474. This is lower than the national average, but the 20th highest of all 50 states.

Throughout the state, the average income of the top 20% of households is $ 192,061. The cohort accounts for 50.8% of all income earned in Oklahoma. On the other hand, the average income of the bottom 20% of households is only $ 12,507, accounting for 3.3% of the state’s total income.

The causes behind the growing inequality are complex and diverse. A report released by the National Bureau of Economic Research links widening inequality to a variety of economic factors, including globalization, technological progress, minimum wage stagnation, and trade union decline.

All data for this story, including the Gini coefficient, average household income per quintile, and share of total household income per quintile, are from the 2019 American Community Survey of the US Census.

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