It is estimated that the top 1% hold about half of the world's wealth, or roughly the same as everyone else put together. And most of us think this profound inequality should be reduced. But some economists argue it is unknown whether striving for equality delivers better lives. In forty years China has lifted 770 million people out of poverty, while at the same time, according to the IMF becoming "one of the most unequal countries in the world". Reducing inequality it is claimed is the wrong goal and eradicating absolute poverty, increasing social mobility or raising happiness levels, are better alternatives. In addition, a University College London study suggested that a focus on inequality increases feelings of unhappiness, envy and even raises levels of social violence.
Should we conclude that focussing on reducing inequalities of wealth is a mistaken project? Should we focus instead on alternative goals such as social mobility? Or is a reduction in income and wealth inequality, beneficial to social cohesion and necessary if we wish to live in a just and fair society?