Published On: Tue, Mar 13th, 2018

Bankitalia, new poor boom: “One in four at risk”

The share of people at risk of poverty rose to 23% (19.6% in 2006), the highest level ever reached. Inequalities are increasing: in 2016 5% of «Scrooge» held 30% of total wealth. Emergency in the South

A merciless portrait that just painted by the Bank of Italy. Despite the economic indicators all are improving. Despite the growth in gross domestic product, it stood at 1.5% in 2017%. Yet the Via Nazionale institute notes that in 2016 the share of people at risk of poverty rose to 23% (19.6% in 2006), the highest level ever reached. The survey of Palazzo Koch, on a sample of 7 thousand households, defines this risk related to people with an equivalent income of less than 60% of the median (a definition similar to that used by Eurostat). It is higher for families with younger, less educated families, born abroad, and for families living in the South.

The litmus test is what we could define as the increase in inequality. Why increase in the distribution of wealth in Italy: in 2016 5% of the «Scrooge» held 30% of the total wealth. According to the Bankitalia survey, the richest 30% of households have about 75% of the total equity reported in the complex, with an average net wealth of 510 thousand euro. Over 40% of this share is held by the richest 5%, which has an average net assets of 1.3 million euro. At 30% of the poorest families, instead, 1% of the wealth.

The growth of real equivalent income has not been uniform among socio-demographic groups. The recovery has affected, albeit to a different extent, households with head of household up to 55 years and over 65 and those of employees and retirees. On the other hand, the fall in equivalent incomes continued for households with a head of household aged between 56 and 65, and for those of self-employed workers, whose level remains however on a higher average. Between 2014 and 2016, income from self-employment, property and retirement and transfers decreased; in this last case, the decline is due to the reduction in the share of families who receive them.

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