It is well documented that income inequality is on the rise, with the richest 10 percent earning up to 40 percent of total global income. The poorest 10 percent earn only between 2 percent and 7 percent of total global income. In developing countries, inequality has increased by 11 percent if we take into account the growth of population.
These widening disparities require the adoption of sound policies to empower the bottom percentile of income earners, and promote economic inclusion of all regardless of sex, race or ethnicity.
Income inequality is a global problem that requires global solutions. This involves improving the regulation and monitoring of financial markets and institutions, encouraging development assistance and foreign direct investment to regions where the need is greatest. Facilitating the safe migration and mobility of people is also key to bridging the widening divide.
Everyone can help to make sure that we meet the Global Goals. Use these ten targets to create action to reduce inequalities.
REDUCE INCOME INEQUALITIES
By 2030, progressively achieve and sustain income growth of the bottom 40 per cent of the population at a rate higher than the national average.
EPROMOTE UNIVERSAL SOCIAL, ECONOMIC AND POLITICAL INCLUSION
By 2030, empower and promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status.
ENSURE EQUAL OPPORTUNITIES AND END DISCRIMINATION
Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and practices and promoting appropriate legislation, policies and action in this regard.
ADOPT FISCAL AND SOCIAL POLICIES THAT PROMOTES EQUALITY
Adopt policies, especially fiscal, wage and social protection policies, and progressively achieve greater equality.
IMPROVED REGULATION OF GLOBAL FINANCIAL MARKETS AND INSTITUTIONS
Improve the regulation and monitoring of global financial markets and institutions and strengthen the implementation of such regulations.
ENHANCED REPRESENTATION FOR DEVELOPING COUNTRIES IN FINANCIAL INSTITUTIONS
Ensure enhanced representation and voice for developing countries in decision-making in global international economic and financial institutions in order to deliver more effective, credible, accountable and legitimate institutions.
RESPONSIBLE AND WELL-MANAGED MIGRATION POLICIES
Facilitate orderly, safe, regular and responsible migration and mobility of people, including through the implementation of planned and well-managed migration policies.
SPECIAL AND DIFFERENTIAL TREATMENT FOR DEVELOPING COUNTRIES
Implement the principle of special and differential treatment for developing countries, in particular least developed countries, in accordance with World Trade Organization agreements.
ENCOURAGE DEVELOPMENT ASSISTANCE AND INVESTMENT IN LEAST DEVELOPED COUNTRIES
Encourage official development assistance and financial flows, including foreign direct investment, to States where the need is greatest, in particular least developed countries, African countries, small island developing States and landlocked developing countries, in accordance with their national plans and programmes.
REDUCE TRANSACTION COSTS FOR MIGRANT REMITTANCES
By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent.