HK income gap 'widest among rich economies' Daniel Sin Oct 23, 2009 Email to friend Print a copy Bookmark and Share The income gap between the rich and poor in Hong Kong is the widest among the world's wealthiest economies, according to a UN report. The report also shows that the richest 10 per cent in the city enjoy about a third of the total income, while the poorest 10 per cent share just 2 per cent. Click here to find out more! The Human Development Report, released by the United Nations Development Programme on October 5, shows Hong Kong had a relatively high Gini index of 43.4 in 2007, the highest among "very high human development" economies. Hong Kong is closely followed by Singapore, at 42.5, the US, at 40.8, and South Korea, at 39.2. The Gini coefficient is a widely used indicator of income inequality. The lower the measurement, the more equal the wealth distribution. A measurement of zero would indicate absolute equality and 100 would mean absolute inequality. An economy is classified as "very high human development" when people can expect to be better educated, live longer and earn more than their predecessors. The mainland, which is grouped among economies of "medium human development", has a Gini coefficient of 41.5, and India, in the same group, 36.8. The Census and Statistics Department published a separate series of Gini coefficients two years ago, which showed an increase from 0.518 in 1996 to 0.525 in 2001 and a further increase to 0.533 in 2006. The department uses a scale of zero to one. This local trend reflects an increasing household income disparity over the period. A Labour and Welfare Bureau spokeswoman said the disparity was a result of the transition of the city towards a knowledge-based economy.
This is so true. I really feel bad for owners of little restaurants, people peddling accessories in Fa Yuen Gai and other cheap merchandise. It's amazing they're able to scrape enough to get by. And isn't life kind of empty if you're running a small mediocre wonton noodle place? Start working at 6AM, close at 11PM everyday. I can't imagine living like that at all.
