Research Paper on Does Russia’s sustainable development face too many risks as a result of income inequality? Evidence from International Comparisons via Inequality Heatmap Analysis

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Title: Does Russia’s sustainable development face too many risks as a result of income inequality? Evidence from International Comparisons via Inequality Heatmap Analysis

Abstract: The issue of income inequality in Russia was examined in the context of Russia’s sustainable development. The historical analysis of Russia’s dynamics of income inequality serves as the foundation for the study. The issue of inconsistent data was then discussed by contrasting various sources (official data from the Rosstat database and alternative data from the World inequality database). The goal of this study was to evaluate the unique characteristics of income inequality in Russia and determine whether or not further government regulation is necessary to move the country toward the path of advanced sustainable development. In order to achieve this, we compared different nations and developed income inequality heatmaps based on data from the World Inequality Database. The household market income distribution per adult in 27 developed and developing nations, as well as global regions, is included in our sample. According to the research, there are numerous nations outside of Russia where income inequality is greater. Russian household income distribution stands out due to an extreme concentration of the nation’s income in the hands of the top 1%, despite the country’s income inequality being lower than the global average. We backed up our findings with unbiased data from the Credit Suisse wealth inequality report, tying Russia’s record-high wealth inequality to the country’s issue with the top 1% income inequality. It is suggested that Russia gradually raise marginal tax rates on the wealth and income of the top 1% and keep constructing an efficient progressive tax system.

Keywords: economic inequality; poverty; socio-economic policies; government regulation; taxes; fiscal policy; sustainable development

Paper Quality: SCOPUS / Web of Science Level Research Paper

Subject: Economics

Writer Experience: 20+ Years

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