Published: November 1, 2022 8.45am EDT Updated: January 2, 2023 11.05am EST

> In the United States, the 10% earning the highest incomes take home nearly half of all income and the richest 10% of all households own more than 70% of all the wealth.

> Inequality tends to be greater in developing countries than wealthier ones. The United States is an exception.

> The rich tend to spend less of their money than the poor. As a result, the extreme concentration of wealth can slow the pace of economic growth.

> Extreme inequality can also exacerbate political dysfunction and undermine faith in political and economic systems. It can also erode principles of fairness and democratic norms of sharing power and resources.