Poverty rates

A report by the OECD, a club of rich countries, produced further evidence on the widening gap between rich and poor. In the 1980s the richest 10% of the population of OECD countries earned seven times more than the poorest decile. Today they earn ten times more. The poor are also more likely to be young. Poverty rates are now highest among 18- to 25-year-olds, having dropped drastically among those aged over 65. This shift reflects both the financial support offered by pension systems in the developed world and the disproportionate effect of the recession on young people. Wealth is far more concentrated than income, with the poorest 40% of people in OECD countries holding just 3% of the wealth.