Global income inequality and measuring values with the world values survey

Over the past 30 years, nearly all countries around the world have experienced significant increase in economic freedom and globalization. Against this backdrop, our study attempts to analyse income inequality in association with variables related to beliefs, values, democratization, religion, gender equality, social capital, and subjective well-being using data from World Values Survey of 29 countries. To understand this relationship, the study used ordered probit model with its marginal effect. Findings reveal that there is a difference in percentage on opinion of individuals on income inequality within lower-middle-, upper-middle-, and high-income countries for the selected duration. The study notices that with the passage of time in general, individuals began losing faith in a higher-income inequality. Respondents with lower education level favour having opinion on lower-income inequality in their countries. The study helps in understanding how opinion on income inequality varies across countries depending upon their political–economic values, i.e. there is a strong and significant association between individuals’ opinion on income inequality and their social–political characteristics.