News From Our Social Feeds

2014/10/31

Chile's pernicious inequality a legacy of Pinochet dictatorship


(Image courtesy Guardian)

"Inequality in this country keeps rising because the dictatorship interrupted political development programs, such as industrialization, economic redistribution and the creation of social rights, and none of these were reactivated in the post-Pinochet period," Rodrigo said.

"The gap between rich and poor will increase until policies to redistribute wealth and establish social rights are enacted," he added.

A mere 0.3 percent of the population — 48,000 Chileans — currently have the financial and real-estate assets to be considered members of the world's top wealthiest percent, which altogether owns 48.2 percent of global assets.

Credit Suisse estimates that Chile's sphere of millionaires will rise by 84 percent within the next years with "sustained growth," numbering 88,000 by 2019.

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