This piece was originally published by the Business Commission to Tackle Inequality
According to the 2022 World Inequality Report, the richest 10% of the global population takes 52% of global income and owns 76% of all wealth, while the poorest half of the population earns just 8.5% of global income and 2% of wealth. There are many historical, structural and political causes of such high levels of inequality. But one important factor is undoubtedly the role that business has played – over decades of globalization and deregulation – in externalizing costs and risks onto the most vulnerable workers, communities and consumers.