Author Topic: What is the most equal country in the world? - the answer may surprise you  (Read 5043 times)

Lukim

  • Stubble
  • **
  • Posts: 130
  • Location: Expat in Asia
I watched this YouTube video from Economics Explained;

https://www.youtube.com/watch?v=Zwn6fqbNRLo&list=WL&index=372

The person who does the video is Australian.

He goes through the various measures of equality / inequality and looks at countries such as Iceland and Slovenia.

After looking at various economies, he concludes that Australia is probably the most equal country in the world - which surprised me as Australians, the media and politicians on the left like to complain about inequality in Australia.

After hearing his reasoning, I think he is probably correct.  Certainly, I have not visited a country that is more equal than Australia (NZ may come close).

Do others agree?

deborah

  • Senior Mustachian
  • ********
  • Posts: 16010
  • Age: 14
  • Location: Australia or another awesome area
We’ve always ranked close to the top whenever I’ve seen the figures. Sometimes we’re on top. Generally the Nordic nations and a couple of other countries - think New Zealand and Canada - rank a bit above us or very close to us, but it depends upon the exact measurements being used.

However, there are an awful lot of things that we could do better (I’m sure each of us could come up with a long list of them), so we shouldn’t ever rest on our laurels.

Lukim

  • Stubble
  • **
  • Posts: 130
  • Location: Expat in Asia

However, there are an awful lot of things that we could do better (I’m sure each of us could come up with a long list of them), so we shouldn’t ever rest on our laurels.

Agreed - we can always do better.

The things which pushed Australia to the top were the high level of wages (particularly minimum wages), compulsory superannuation and universal healthcare.   

Fresh Bread

  • Magnum Stache
  • ******
  • Posts: 3446
  • Location: Australia
  • Insert dough/bread/crust joke
Saved it to watch later, thanks!

When I think about living and working in Australia vs the UK, it definitely feels more equal in Australia. There's some oddities though, like public funds going to private schools and first nations folk still experiencing major inequality, and even in Australia there's the posh school old boys network bullshit.

If I were to guess, I'd say the most inequality we have is in rural areas. There is an awful lot of wealth in rural Australia but it seems like it's concentrated to the few lucky ones that had ancestors in the right place at the right time.

marty998

  • Walrus Stache
  • *******
  • Posts: 7372
  • Location: Sydney, Oz
Saved it to watch later, thanks!

When I think about living and working in Australia vs the UK, it definitely feels more equal in Australia. There's some oddities though, like public funds going to private schools and first nations folk still experiencing major inequality, and even in Australia there's the posh school old boys network bullshit.

If I were to guess, I'd say the most inequality we have is in rural areas. There is an awful lot of wealth in rural Australia but it seems like it's concentrated to the few lucky ones that had ancestors in the right place at the right time.

Yes agree.

There was an interesting article in this months Money Magazine about First Nations women and some of the financial issues they face. My knowledge of Indigenous communities and history is limited but culturally there was a sense of "share the wealth with the mob/tribe". It has unfortunately evolved into a practice known as "humbugging" where extended family members would beg/borrow/steal and drag down some of the more financially responsible family members.

It gave me an insight into the fact that for most of us, personal finance is just that. Personal. For other communities it's not so simple. If it's collective and people aren't working towards the same goals then it's going to result in trouble.

On the actual topic of inequality.... I agree, Australia stacks up pretty well. However there are a lot of people out there who are struggling. Honestly do not know how most non-property owners survive out there in today's rental market.

It's not like landlords are making bank either though.... Rents haven't covered costs on average for 20 years now, and as we've seen, there's no guarantee of capital gains either, especially after inflation.