The world is facing growing split ups which are evident everywhere. Ipsos Global Trends 2024 highlights a key issue of our time — economic inequality and its social consequences. Over the past decade, income and wealth inequality has significantly increased. In 2024 77% of respondents agreed that large income disparities are harmful to society.
These split ups are not only social but also political. 76% believe that their country’s economy is set against them. This sentiment is reinforced by the injustice people witness in their daily lives. Almost two-thirds think that the wealthy should pay more taxes. This underscores the tension between the elite and the rest of society.
Split ups are deepening within countries and even families. 76% of survey participants from 50 countries said that conflicts between people with different values are on the rise. Nearly 46% noted such conflicts even within their own families. This demonstrates how deeply social tensions have taken root.
Immigration has become an important factor contributing to these issues.
71% believe that during job shortages, employers should give preference to locals over immigrants. This is one of the few remaining forms of discrimination that society still deems acceptable. In matters of age and ethnicity, confrontations are intensifying. The reaction to demographic changes, especially in aging societies, is particularly noteworthy.
However, inequality remains the most pressing issue. The wealth held by the top 0.01% of the population has doubled since 1995. Today, this group owns nearly 12% of global wealth. The situation in India is even more polarized. The richest 1% hold 40.1% of all wealth, while the poorest half own only 6.4%.
These figures illustrate the vast gap between different social groups.
And yet, there are opportunities for change among these challenges. Business and government play an important role in mitigating these conflicts. However, the problem lies in determining which measures can unite society. Our value “Justice” points to people’s desire for equality, but this is also one of the hardest goals to achieve.
The role of business is becoming increasingly important. People expect companies to actively engage in social issues. Demonstrating a commitment to social responsibility is one of the ways for businesses to ease social tension. But over 70% of respondents believe that companies are not doing enough to address environmental and social problems.
An example is the strengthening of nationalist sentiments and populism that fuel social tensions. In countries with high levels of immigration and demographic changes, support for populist ideas is increasing. Waves of migration, job competition, and limited resources heighten rivalry and create a new level of tension. 62% of respondents worldwide believe there are too many immigrants in their countries.
Nevertheless, split ups and crises can be catalysts for change. Examples show that despite disagreements, people are willing to come together for common goals. Families and close circles remain more resilient compared to broader society. This suggests the potential for building dialogue and strengthening connections at the micro-level.
Companies and thought leaders should take these trends into account. Acknowledging problems and working on solutions can help restore trust. This is particularly important when social and economic split ups become a source of instability. Supporting local communities and participating in social initiatives can be part of a business strategy.
The challenges are significant, but so are the opportunities. To achieve this, it is necessary to find a balance between economic development and social justice. It is important for leaders and companies to be active participants in social processes, not only proposing solutions but also inspiring change.
Ipsos Global Trends 2024 clearly shows: in a world where 77% believe that large income disparities are harmful to society, it is essential to find ways to unite.
Prepared by: Sultan Valikhanov, expert of the Economy.kz portal
