What is Gini coefficient of Australia?
0.33
Australia’s Gini coefficient of 0.33 ranked 15th out of 36 OECD countries (where a ranking of first represents most equality and 36th represents least equality). Gini coefficients are a measure of income equality that give a number between 0 and 1, where a higher value represents less income equality.
Is Australia’s Gini coefficient good?
Australia’s Gini coefficient (an inequality measure where zero means complete equality and one means complete inequality) is 0.34, compared with an OECD average value of 0.3227.
What does a Gini coefficient of 0.5 mean?
Gini index < 0.2 represents perfect income equality, 0.2–0.3 relative equality, 0.3–0.4 adequate equality, 0.4–0.5 big income gap, and above 0.5 represents severe income gap. The Gini Index is the indicator par excellence, used to measure the level of distribution of monetary income and derived from social inequality.
What is Gini coefficient of China?
0.481
That means China’s Gini coefficient (0.481) belongs to a handful of countries with top inequality in the world, not only higher than that of western developed countries, but also above Asia’s average (0.3513).
What is the highest value of a Gini coefficient?
The Gini coefficient ranges from 0 (0%) to 1 (100%), with 0 representing perfect equality and 1 representing perfect inequality. A higher Gini coefficient means greater inequality. If every resident of a nation had the same income, the Gini coefficient would be zero.
What is a good Gini?
According to econometrics, the ideal Gini coefficient lies between 0,25 and 0,40. This is because at a level where brain surgeons, rocket scientists and waiters all receive the same wage, there is no financial incentive to study physics or neuroscience.
What are the limitations of Gini coefficient?
Sample bias. The validity of Gini coefficient calculations can be dependent on the size of a sample.
What does Gini index measure?
“The Gini index measures the extent to which the distribution of income (or, in some cases, consumption expenditure) among individuals or households within an economy deviates from a perfectly equal distribution.”. The Gini Index ranges from 0% to 100% or 0 to 1.