perfect equality in income
Gini coefficient represents the income distribution of a country’s residents. It was developed by the Italian statistician and sociologist Corrado Gini. It measures the inequality. The coefficient ranges from zero to one, with
. The higher is the Gini Coefficient, more is gap between rich and poor in a country. If the value of Gini Coefficient is 1, it implies that all wealth of that country belongs to one person and everybody else is poor. The 0 value of Gini Coefficient implies that all people have exactly equal wealth. Practically, the Gini Coefficient value falls between 0 and 1 for all the countries.
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