The Poor and the Plutocrats by Francis Teal

Author:Francis Teal [Teal, Francis]
Language: eng
Format: epub
Publisher: Oxford University Press
Published: 2021-01-11T00:00:00+00:00

Figure 6.6. Lorenz Curves for Poor and Rich Countries

Source: Lakner-Milanovic (2013) World Panel Income Distribution (LM-WPID) database.

The ‘Elephant’ Chart

Finally, in Figure 6.7 we show in the top panel the growth rates by deciles for both poor and rich countries on the same chart. This shows, what is implicit in the above figures, that across the whole range of incomes those living in poor countries have seen, in percentage terms, much higher growth in their incomes than those living in rich countries. Those who have done least well are the relatively poor in rich countries who are absolutely well off by world income standards.

Figure 6.7. The ‘Elephant’ Chart

Notes: Y-axis displays the growth rate of the decile average income (in US$ PPP 2011 prices). Weighted by population. Growth incidence evaluated at decile groups (e.g. bottom 10% to top 10%). The horizontal line in the top chart shows the average annual growth rate for poor and for rich countries, in the bottom chart for the world economy.

Source: Lakner-Milanovic (2013) World Panel Income Distribution (LM-WPID) database updated.

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