Addressing rising inequality

The richest one percent now owns half of all the wealth in the world, according to the Global Wealth Report 2015. Although the report reveals some interesting facts like China's middle class outnumbering that of the United States for the first time in history, the extent of and continuing increase in inequality across the world is disturbing.

Economic eminences of the world are divided in their opinions on how to address the widening gap between the haves and the have-nots. In many developed nations, politicians who say will raise taxes for purposes of redistribution get few votes while research shows that growing inequality is not only bad for social cohesion, but is actually cutting points off economic growth in many countries.

Bangladesh has garnered the world's attention for its remarkable success in reducing absolute poverty and augmenting food production. But the benefits of these achievements often have not reached the most vulnerable due to poor governance and market mechanisms. The number of malnourished people has remained more or less the same in the last 10 years, according to a recent report.

Crafting a response to reduce inequality is complex. Identifying the loopholes could be a start. Then it's going to require a comprehensive plan including more investment in health, training, education and most importantly, ensuring the rule of law.

And at the personal level, we all must be willing to consume less and sacrifice more.