The richest among the Greeks own 42% of the net wealth a survey on inequality and opportunity has shown. Conducted by the Greek Federation of Enterprises (SEV), the survey shows that over half of the population is “financially vulnerable.”.
The survey points at the phenomenon of “selective mating” that consists of a large proportion of working couples having about the same level of income. The phenomenon is higher in Greece than in other OECD countries and intensified sharply during the economic crisis.
Although the inequality of income and wealth is at the same level or below the level of the OECD, Greece is ranked higher in overall inequality and deprivation than most European countries.
Specifically, the average disposable income of the top 20% is 5.5 times higher than the lowest 20%, while in the OECD 5.4 times, in the US 8.5 times and in Sweden 4.1 times.
The richest 10 % of the population holds 42% of net wealth, compared to 52% in the OECD and 78% in the US..
“The high proportion of home ownership in Greece potentially contributing to alleviating wealth inequalities,” the survey found.
On the issue of deprivation, Greece records significantly higher deprivation than the rest of the world, possibly reflecting the impact of the economic crisis and recession on the quality of life of the population in Greece.
Among the most important deprivation elements is that 12.9% of the population is below the poverty line, when the OECD average is 11.5%.
At the same time, 67% of the population has liquidity lower than 1⁄4 of the poverty line, which is considered a pillow capable of sustaining someone with a 3-month income loss. OECD average is 49.3%.
In terms of gender-based comparison, Greece shows relatively low inequalities between men and women while the same goes for the age of people in the workforce.
However, women in Greece have “lower wages” than men and higher unemployment rates, while they are “better educated.”
The highest 10% of workforce has 3.3. times higher wages than the lowest 10%. OECD average 3.39.
Finally, 55.4% of the population is considered “financially vulnerable,” compared to 38.9% in the OECD. Although this part of the population has no income below the poverty line, it does not have the liquidity of its 3-month maintenance cushion, and therefore falls easily below the poverty line in the event of work loss.
