 There's lots of interesting features that come out of our work on wealth. One clear cut result is just how much of wealth is concentrated in the rich part of the world. We're talking now about North America, Western Europe and rich Asia Pacific countries, Japan, Korea, Hong Kong, that type of thing. Linked in that, really a very, very high proportion of the global wealth of global wealth is in the countries. There is a lot of other countries which are catching up in the sense that their wealth growth is much faster I think that is another feature on the whole, if you take a longer period Than China in particular, India, quite a few of the emerging Asian markets gan gweithio i gyd yn gallu'n cymhysgol ymlaen i'w ddeithasio gael, o'r oedd o'r ffordd o'r unrhyw ymlaen i'r unrhyw ymlaen. Yn y bydd y byd yn ymlaen i'r ysgol, oherwydd y peth ymlaen i gael ar y llan o'r ymlaen, ond mae'n ddiddordeb yn ymlaen i gael ar y byd yn y sylfaen. of the developing world, the emerging markets, whatever you want to call that. On the whole, the most of the Western Europe is roughly the same in wealth inequality level as it was back in 1980, it's what we would call medium or middle wealth inequality. Mae rhai o canfio ar gyfer gweithio. Mae arnod y canfio Scandinaviau yn gweithio, yn ymgylchedd iddyn ni'n hawddau hwn. A'r oedd angen dweud'r gweithio, mae'n dweud'r gweithio ar gyfer y broses, ac mae'n dlease unig o'r rhai gweithio, ac mae'r rhan oedd yn rhannu amser o'r hyn o'r 100 yr ysgol. Mae'r hyn oedd yn y cynhyrch yn ystod ar hyn o'r 100 yr ysgol. Yn y ddylai'r ysgrifennu ar y dyfodol, mae'n ymdweud yma yma ymlaen i'r llwylltau ar y teimlo... ..y'r ysgrifennu ar y llwylltau ar y Cymru yn ymlaenio'r 100 yr ysgol. Mae'r hyn o'r ysgol y mae'r hyn o'r hwn o'r hyn o'r ysgol, Is there some worry about that? I think you have to look at the reasons for it. And the reasons are not well documented. This is not a research area where people have done a lot of work. But I think one reason is that in a developing country you get some people who are really part of the globalized world, who are connected with the other parts of the world, and they do fairly well because their sort of returns, their skills are being rewarded in a global economy, whereas there's a lot of other people who are really just still involved in their rather crude, backward agricultural area in particular, and their really wealth levels are very low. So you get this inequality because of this difference exactly where people are in the country and how they relate to the global economy. The other factor I think is quite important is countries which are growing fast in terms of wealth. I think they are typically wealth inequalities increasing in those countries. That's one of the features that we've discovered this year. And I think there it's because if we take China where our evidence suggests that wealth inequality has been growing very fast. I think if you look and say it's growing fast because the people who are doing very well, they are often small businesses, small family groups, they've been doing very well. They're making, being rewarded in very reasonable ways for their efforts and their success, but they haven't had time if you like to spread the wealth. Whereas in a developed country if people have a successful business it's often part owned by various other people. The shares get spread, of course over time it gets spread because it's inherited or passed on to various sorts of people. So the initial success, the initial rewards get spread out over time and as if a country is the wealth is growing very fast, then they just haven't had the time for that to happen. It's like the new wealth is going to be more unequal than the older wealth and on the whole new wealth is being produced faster in countries where wealth is growing. So I think that's one of the other factors. When you look at it you have to ask yourself is this something that's persisting or is it if you like a transitory phase that's going to resolve itself over time and will the emerging markets and developing countries move towards the wealth distribution scene now in developing countries? And I would say on the whole I think there's a good reason to expect that to happen over time. If we look over time then inequality within countries is certainly looks like it's been increasing in the last few years. It has moved down at various stages within the recent past as well so it's not a clear cut trend. But it is quite high and it could well be increasing for the reasons because of wealth is growing and countries are developing. When you look at the global picture it becomes more complicated because you have two factors. We talk about within country inequality and between country inequality. Within country just depends on inequality within countries. Between country depends on the levels and so we then have to take into account whether the levels between countries are converging or diverging. On the whole the developing world wealth has been growing faster so that's one factor which is going to tend to reduce between country inequality on the global scale. So we've got these two counteracting factors if you like. The likelihood is that within countries wealth inequality is increasing partly because of globalisation and that sort of factor. But between countries the same globalising effects are tending to reduce differences between countries. So these two things are offsetting and often there's really not very much on the whole they net out and so there's not very much change on the global scale. It's not very evident and very often it can be if there is any observed trend globally it's often just because of one country and China is the one that the dominant influence there. Because it's been really moving up through the spectrum of the world wealth distribution. We have a very interesting picture which we developed for the first wider study and which we've repeated every year which shows the regional distribution. We take each diesel in the world and give a picture to show which region the people are in and in this picture you see China as a big blob in the middle of the world. And you see this blob over time moving towards the right as the Chinese progressively get richer and move up the wealth distribution globally. That clearly is a sort of equalising factor but as I say there are other factors as well so the net result isn't very fast. And it's also true within country inequality these trends are on the whole are quite small so you have to take rather long periods usually 20 or 30 years before you really notice much of a trend over time.