GLOBAL WEALTH DIVIDE: A COMPREHENSIVE SYUDY

OF INCOME INEQUALITY ACROSS THE WORLD

(An IBM Project)

in partial fulfillment for the Course

SB8040 - PROFESSIONAL READINESS FOR INNOVATION,

EMPLOYABILITY AND ENTREPRENEURSHIP
(NAAN MUDHALVAN)

PROJECT REPORT
Submitted by

MOHAMMED IMRAN I 510920106010

KARTHICK S 510920106008

SAKTHIVEL G 510920106019
SYED SHAHID M 510920106024

BACHELOR OF ENGINEERING
IN
ELECTRONICS AND COMMUNICATION ENGINEERING

GLOBAL INSTITUTE OF ENGINEERING & TECHNOLOGY

MELVISHARAM, RANIPET – 632509.

ANNA UNIVERSITY : CHENNAI 600025

MAY - 2023
 ANNA UNIVERSITY : CHENNAI 600025

BONAFIDE CERTIFICATE

Certified that this IBM project report “GLOBAL WEALTH DIVIDE : A

COMPREHENSIVE STUDY OF INCOME INEQUALITY ACROSS THE WORLD ” is the
Bonafide work of “ NM2023TMID09668 (TEAM ID) ” who all carried out the project work under my
supervision. Certified further that to the best of our knowledge the work reported herein does not form of
any other part of thesis on the basis of which a degree was conferred on an earlier on occasion on this or
any other candidate.

SIGNATURE SIGNATURE

Dr. S. CHANDRU, M.E., Ph. D Dr. A.S. VIJAY VIKRAM, M.E., Ph. D

ASSISTANT PROFESSOR, ASSOCIATE PROFESSOR,

COURSE MENTOR, SPOC,

Department Of Electronics and Department Of Civil Engineering,

Communication Engineering,

Global Institute Of Engineering Global Institute Of Engineering

and Technology and Technology

Melvisharam-632509 Melvisharam-632509

Submission for the project viva voce examination held on …………………………………..

 CONTENT

CHAPTER NO. TITLE PAGE NO

1. INTRODUCTION

1.1 PROJECT OVERVIEW

1.2 PURPOSE
2. IDEATION & PROPOSED SOLUTION
2.1 Problem Statement Definition
2.2 Empathy Map Canvas
2.3 Ideation & Brainstorming
2.4 Proposed Solution
3. REQUIREMENT ANALYSIS
3.1 Functional requirement
3.2 Non-Functional requirements

4. PROJECT DESIGN
4.1 Data Flow Diagrams
4.2 Solution & Technical Architecture
4.3 User Stories
5. CODING & SOLUTIONING
5.1 Feature 1
6. RESULTS
6.1 Performance Metrics

7. ADVANTAGES & DISADVANTAGES

8. CONCLUSION

9. FUTURE SCOPE

10. APPENDIX
10.1 Source Code
10.2 GitHub & Project Video Demo Link
 CHAPTER - 1
INTRODUCTION

PROJECT OVERVIEW : Global Wealth Divide - A Study of Income

Inequality Across the World

Introduction:
The project aims to investigate the global wealth divide and income inequality
across the world. Income inequality is a critical socioeconomic issue with wide-
ranging implications for individuals, societies, and economies. This project seeks
to understand the extent of income disparities, identify contributing factors, and
explore potential solutions to address this global challenge.

Objectives:
1. Quantify and analyze income inequality on a global scale: The project aims to
gather relevant data and conduct a comprehensive analysis of income inequality
across countries and regions worldwide. Various measures and indicators will be
utilized to assess the magnitude of wealth disparities and income gaps.

2. Identify contributing factors: The project will examine the underlying factors
that contribute to income inequality, such as economic policies, political systems,
historical legacies, and social dynamics. By understanding these factors, we can
gain insights into the root causes of income disparities.

3. Investigate the consequences of income inequality: The project will explore the
multifaceted consequences of income inequality, including social unrest, economic
inefficiency, and unequal access to opportunities. By highlighting the impacts of
income disparities, we aim to raise awareness about the importance of addressing
this issue.
4. Propose policy recommendations: Based on the findings and analysis, the
project will offer policy recommendations to mitigate income inequality and
promote more equitable wealth distribution. These recommendations will focus on
systemic reforms, social policies, and interventions that aim to reduce income
disparities and enhance social cohesion.

Methodology:
The project will employ a combination of quantitative and qualitative research
methods to accomplish its objectives. Data will be collected from reliable sources,
including global surveys, official statistics, and research reports. Various analytical
tools and techniques will be utilized to analyze the data and derive meaningful
insights.

The project will adopt a comparative approach, examining income inequality

across different countries and regions. This will allow for the identification of
patterns, trends, and variations in wealth distribution worldwide. In addition, case
studies of selected countries will be conducted to gain in-depth insights into
specific contexts and explore the factors influencing income inequality within
those countries.

Expected Outcomes:
The project expects to produce a comprehensive report that provides a detailed
understanding of the global wealth divide and income inequality. The report will
present key findings, including data analysis, identified contributing factors, and
the consequences of income disparities. Additionally, the report will propose
evidence-based policy recommendations to address income inequality on a global
scale.

Conclusion:
By conducting a study on the global wealth divide and income inequality across
the world, this project aims to contribute to the broader discourse on income
disparities. The findings and recommendations will help policymakers, researchers,
and stakeholders understand the magnitude of the issue and implement effective
strategies to promote greater economic equality and social justice. Ultimately, the
project aspires to foster a more equitable and inclusive global society.

PURPOSE:
The purpose of studying the global wealth divide and income inequality is to gain a
comprehensive understanding of the distribution of wealth and income across
different regions, countries, and income groups. The topic serves several purposes:
1. Awareness and Understanding: It raises awareness about the extent and
implications of income inequality, helping individuals, communities, and societies
understand the disparities that exist and their impact on various aspects of life.
2. Inequality Identification: It allows for the identification and measurement of
income disparities, highlighting areas and populations that are particularly affected
by inequality. This helps in recognizing the most vulnerable and disadvantaged
groups that may require targeted interventions.
3. Policy Formulation: It provides valuable insights and evidence to policymakers
and governments for the development of policies and interventions aimed at
reducing income inequality and promoting more equitable wealth distribution. It
helps in identifying effective strategies and best practices that can be adopted to
address the issue.
4. Advocacy and Social Justice: Studying income inequality helps in advocating
for social justice and promoting a fairer distribution of resources. It can stimulate
discussions, debates, and actions aimed at creating a more equitable and inclusive
society.
5. Sustainable Development Goals: Addressing income inequality aligns with the
United Nations' Sustainable Development Goals, particularly Goal 10 (Reduced
Inequalities). It contributes to broader efforts to eradicate poverty, promote
economic growth, and achieve social progress.
6. Global Cooperation: The study of global wealth divide and income inequality
emphasizes the global nature of the issue, calling for international cooperation and
collaboration. It encourages sharing of knowledge, experiences, and solutions
among countries and stakeholders to collectively address income inequality on a
global scale.
 CHAPTER - 2
IDEATION & PROPOSED SOLUTION

PROBLEM STATEMENT

Global Wealth Divide: A Comprehensive Study of Income Inequality

Across the World.

PROBLEM STATEMENT – 1:

PROBLEM STATEMENT – 2:

PROBLEM STATEMENT – 3:
PROBLEM STATEMENT – 4:
 EMPATHY MAP
BRAINSTORMING & IDEA PRIORTIZATION
Step-1: Brainstorm, Idea Listening and Listening
Step-2: Idea Prioritization
 LITERATURE SURVEY
CASE STUDY 1
TITLE : “Trends in income inequality & its impact on Economic Growth”.
AUTHOR: Federico Cingano.
YEAR : 2014
ABSTRACT :
In most OECD countries, the gap between rich and poor is at its
highest level since 30 years. Today, the richest 10 per cent of the population in the
OECD area earn 9.5 times the income of the poorest 10 per cent; in the 1980s this
ratio stood at 7:1 and has been rising continuously ever since. However, the rise in
overall income inequality is not (only) about surging top income shares: often,
incomes at the bottom grew much slower during the prosperous years and fell
during downturns, putting relative (and in some countries, absolute) income
poverty on the radar of policy concerns.
It follows that policies to reduce income inequalities
should not only be pursued to improve social outcomes but also to sustain long-
term growth. Redistribution policies via taxes and transfers are a key tool to ensure
the benefits of growth are more broadly distributed and the results suggest they
need not be expected to undermine growth. But it is also important to promote
equality of opportunity in access to and quality of education. This implies a focus
on families with children and youths – as this is when decisions about human
capital accumulation are made -- promoting employment for disadvantaged groups
through active labour market policies, childcare supports and in-work benefits.

CASE STUDY 2

TITLE: “Human Capital & Income Inequality”.

AUTHOR : Jong-Wha Lee and Hanol Lee.
YEAR: 2018
ABSTRACT:
 This study investigates empirically how human capital, measured by
educational attainment, is related to income distribution. The regressions, using a
panel data set covering a broad range of countries between 1980 and 2015, show
that a more equal distribution of education contributes significantly to reducing
income inequality. Educational expansion is a major factor in reducing educational
inequality and thus income inequality. Public policies that improve social benefits
and price stability contribute to reducing income inequality, while public spending
on education helps to reduce educational inequality. In contrast, higher per capita
income, greater openness to international trade, and faster technological progress
tend to make both income and education distribution more unequal. Using the
calibration of empirical results, we find that we can attribute the rising income
inequality within East Asian economies in recent decades to the un equalizing
effects of fast income growth and rapid progress in globalization and technological
change, which have surpassed the income equalizing effects from improved
equality in the distribution of educational attainment during the period.

CASE STUDY 3
TITLE : “Income Inequality & Health : What does the literature tells us?”.
AUTHOR : Adam Wagstaff and Eddy Van Doorslaer
YEAR : 2000
ABSTRACT :
This paper reviews the large and growing body of literature on the
apparently negative effects of income inequality on population health. Various
hypotheses are identified and described that explain the empirically observed
association between measures of income inequality and population health. We have
concluded that data from aggregate-level studies of the effect of income inequality
on health, i.e. studies at the population and community (e.g. state) levels, are
largely insufficient to discriminate between competing hypotheses. Only
individual-level studies have the potential to discriminate between most of the
advanced hypotheses. The relevant individual-level studies to date, all on U.S.
population data, provide strong support for the “absolute-income hypothesis,” no
support for the “relative-income hypothesis,” and little or no support for the
“income-inequality hypothesis.” Results that provide some support for the income-
inequality hypothesis suggest that income inequality at the state level affects
mainly the health of the poor. There is only indirect evidence for the “deprivation
hypothesis,” and no evidence supports the “relative-position hypothesis.” Overall,
the absolute-income hypothesis, although >20 years old, is still the most likely to
explain the frequently observed strong association between population health and
income inequality levels.

CASE STUDY 4
TITLE : “How Wealth Inequality Affects Happiness: The Perspective of social
comparison”.
AUTHOR: Lingxi Gao, Bochi Sun, Ziqing Du.
YEAR: 2022
ABSTRACT :
Since Easterlin pointed out that economic growth in nations does not
guarantee increasing happiness for the average citizen, the underlying reason has
remained controversial. The present study focuses on income inequality to explain
the “Easterlin Paradox,” ignoring the permanent inequality that long-term wealth
accumulation brings. Based on social comparison theory, the literature aims to
determine how wealth inequality, which accompanies economic growth,
diminishes one’s happiness (inequality aversion). Specifically, we conduct this
study in which we split the wealth inequality into the upward wealth inequality and
the downward wealth inequality as measures of upward comparison and downward
comparison, respectively. The upward wealth inequality measures the average gap
between one and the better-off in wealth while the downward wealth inequality
measures the average gap between one and the worse-off in wealth.

CASE STUDY 5

TITLE : “Economic Inequality & Poverty Dynamics”.

AUTHOR : Abiyodun Elijah Obayolu & Sarah Edore Edower.
YEAR : 2022
ABSTRACT:
Purpose of the study: This paper summarizes the existing literature
on the inequality-poverty dynamics dilemma by presenting discoveries and novel
ways to close a gap in the literature. The study focused on whether economic
differences slow or stop people from falling into or staying out of poverty over
time.
Methodology: The study extensively reviews the literature on measures of
economic inequality and poverty dynamics.

Main Findings: Findings from the reviewed literature revealed that economic
inequality is a crucial determinant of the transition to poverty. Inequality contains
poverty, and poverty persists because of the presence of inequality. The direction
of the association between poverty and economic inequality is still debatable in the
literature, with no general consensus. Some findings show that the direction of the
relationship is negative; others say it is positive, bidirectional, and inconclusive.

Research limitations/implications: Poverty dynamics and economic inequality

research is scarce because the required data sets are complex and expensive to
obtain from surveys in developing countries.

Novelty/Originality of this study: Many poverty studies concentrate on the

incidence of poverty at single or multiple moments in time. Therefore, analyzing
knowledge of the degree of poverty and how it varies over time is critical for the
dynamics of poverty. However, in the academic literature, few empirical articles
are devoted to studying the relationship between economic inequality and poverty
dynamics. The findings of this study will uniquely contribute to the discourse on
growth-poverty inequality in the 2030 Sustainable Development Goals 1 and 10.
 CHAPTER - 3
REQUIREMENT ANALYSIS
Functional Requirements:

Following are the functional requirements of the proposed solution.

FR Functional Requirement Sub Requirement (Story / Sub-Task)
No. (Epic)
FR-1 Data Collection  The project should collect data on
income distribution, poverty rates,
and other relevant economic
indicators.
 Data should be source from reputable
government and non-governmental
organizations.
 The project should ensure the data is
complete, accurate, and up-to-date.
FR-2 Data Cleaning and  The project should clean and format
Formatting the data to ensure consistency and
accuracy.
 Data should be standardized and
transformed into a common format.
 The project should address missing
data and outliers.
FR-3 Data Analysis  The project should perform statistical
analysis on the data to identify trends
and patterns related to income
inequality.
 The analysis should include
descriptive statistics, such as mean
and median income, as well as
inferential statistics, such as
hypothesis testing and regression
analysis.
 The project should identify key
drivers of income inequality, such as
 education, occupation, and
race/ethnicity.
FR-4 Visualization  The project should develop
visualizations to help stakeholders
understand the data and analysis.
 Visualizations should be interactive
and customizable, allowing users to
explore different aspects of the data.
 The project should ensure
visualizations are clear, accurate, and
easy to interpret.
FR-5 Predictive Modelling  The project should develop predictive
models to identify potential
interventions to reduce income
inequality. Models shouldbe based on
statistical analysis and machine
learning techniques.
 The project should evaluate model
performance and refine models as
necessary.
FR-6 Recommendations  The project should provide
recommendations for policy
interventions to address income
inequality.
 Recommendations should be based on
data analysis and predictive
modelling.
 The project should ensure
recommendations are feasible,
effective, and equitable.

Non-functional Requirements:

Following are the non-functional requirements of the proposed solution.

FR No. Non-Functional Description
Requirement
NFR-1 Usability  The project should be easy to use
and navigate, even for users with
limited technical skills.
 The project should be accessible to
users with disabilities, following
established accessibility guidelines.
 The project should be designed
with a user-centric approach,
taking into consideration the needs
and preferences of different user
groups.
NFR-2 Security  The project should be designed
with appropriate security measures
to protect sensitive data.
 The project should use secure
authentication and authorization
mechanisms to ensure that only
authorized users can access data.
 The project should comply with
relevant security standards and
regulations, such as GDPR and
HIPAA.
NFR-3 Reliability  The project should be designed to
minimize downtime and ensure
data availability.
 The project should have backup
and disaster recovery plans in place
to mitigate the risk of data loss.
 The project should be tested and
validated to ensure reliability and
accuracy of results.
NFR-4 Performance  The project should be designed to
handle large amounts of data and
perform data analysis quickly.
 The project should be able to scale
to accommodate future growth in
data volume and user traffic.
  The project should be able to
handle multiple users accessing
data simultaneously without
performance degradation.
NFR-5 Maintainability  The project should be designed
with modularity and extensibility
in mind, to facilitate future
enhancements and modifications.
 The project should be well-
documented and adhere to
established coding and
development standards.
 The project should be designed
with a clear separation of concerns,
to allow for easy debugging and
troubleshooting.
NFR-6 Scalability  The architecture of the project
should be designed to be easily
scalable. This can be achieved by
following established patterns like
micro-services or server-less
architectures, which allow for easy
scaling by adding more instances
or services.
 The project should use an
appropriate data storage
mechanism that can handle
increasing data volumes. This
could be a NoSQL database, such
as MongoDB or Cassandra, that
can scale horizontally and handle
large amounts of unstructured data.
 Cloud-based solutions, such as
Amazon Web Services or
Microsoft Azure, can provide
scalable infrastructure for an
income inequality project. These
services can automatically scale
resources up or down to meet
demand, and can provide features
 like load balancing and auto-
scaling to ensure availability and
performance.
NTF-7 Availability  The project should use redundant
systems for critical components.
This could be achieved through the
use of load balancers, failover
mechanisms, or backup instances
of the project. This would help to
ensure that the system remains
operational even in the event of
hardware or software failures.
 The project should have disaster
recovery plans in place that can
help to restore functionality in case
of a major disruption. This could
involve regularly backing up data
and system configurations, and
implementing plans to quickly
restore the system to a previous
state if needed.
 Regular monitoring of the project's
performance can help to identify
potential issues before they become
critical. This could involve
monitoring system logs, tracking
system metrics like CPU usage and
network traffic, and setting up
alerts for critical system events.

CHAPTER - 4
PROJECT DESIGN
Data Flow Diagram & User Stories:
Data Flow Diagram(level-1):
Data Flow Diagram(level-0):
Technical Architecture:

Analyzing the data of income inequality across the world using IBM Cloud & IBM
Cognos Analytics.

Solution Architecture:
User Stories:

User Functional User User Acceptan Priori Team

Type Requirement Story Story/ ce ty Member
s (Epic) Numb Task Criteria
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have providers
access to who are
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and high- d and
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childcare to care for
options, so my
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balance my
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responsibil
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 CHAPTER - 5
CODING & SOLUTIONING

Creating an project on Global Wealth Divide: A Comprehensive study of income

inequality across the world.
Pre-requisites:
In order to develop this project we need to install the following software/packages:
1. IBM COGNOS ANALYTICS – To create dashboard, report & story based
on visualizations and graph.
2. IBM CLOUD – To connect Database schema with IBM Cognos to upload
data.
3. ANACONDA NAVIGATOR - Anaconda Navigator is a free and open-
source distribution of the Python and R programming languages for data
science and machine learning-related applications. It can be installed on
Windows, Linux, and macOS. Conda is an open-source, cross-
platform, package management system. Anaconda comes with so very nice
tools like JupyterLab, Jupyter Notebook,QtConsole, Spyder, Glueviz,
Orange, Rstudio, Visual Studio Code. For this project, we will be using a
Visual Studio Code
4. FLASK - Flask is a Python web framework that allows developers to build
web applications quickly and easily using simple, yet powerful tools and
features.

Project Objectives:

Title: Global Wealth Divide: A Study on Income Inequality Across the World
Using IBM Cognos Analytics
1. Introduction:
- Background information on income inequality and its global impact.
 - Objective of the project: to analyze and understand the global wealth divide
using IBM Cognos Analytics.
- Explanation of how IBM Cognos Analytics will be utilized for data analysis
and visualization.
2. Methodology:
- Data collection: Describe the sources of data used for the study (e.g., World
Bank, International Monetary Fund, etc.).
- Data preprocessing: Explain the steps taken to clean and prepare the data for
analysis.
- Data analysis: Detail the statistical techniques and algorithms employed to
analyze income inequality across countries.
- Data visualization: Explain how IBM Cognos Analytics will be used to create
interactive visualizations to present the findings.

3. Global Income Inequality Overview:

- Present an overview of the current state of global income inequality.
- Highlight key statistics and trends that reflect the wealth divide across different
regions and countries.

4. Factors Influencing Income Inequality:

- Explore various factors that contribute to income inequality, such as economic
growth, education, social policies, political factors, etc.
- Analyze the relationship between these factors and income inequality using
data-driven insights.

5. Regional Analysis:
- Analyze income inequality within specific regions (e.g., North America,
Europe, Asia, Africa, etc.).
 - Compare and contrast the income disparities between countries within each
region.
- Use IBM Cognos Analytics to visualize and present regional income inequality
patterns effectively.

6. Case Studies:
- Select a few countries or regions to conduct in-depth case studies on their
income inequality profiles.
- Examine the historical context, socio-economic factors, and policies that have
influenced income inequality in these cases.
- Utilize IBM Cognos Analytics to present visualizations and comparative
analyses of the case studies.

7. Implications and Policy Recommendations:

- Discuss the implications of income inequality on various aspects of society,
including social stability, economic growth, health, education, etc.
- Provide policy recommendations for governments, international organizations,
and stakeholders to address income inequality.

8. Conclusion:
- Summarize the main findings of the study and their significance in
understanding the global wealth divide.
- Reflect on the effectiveness of IBM Cognos Analytics in analyzing and
visualizing income inequality data.
- Discuss potential areas for future research and exploration in the field of
income inequality.
 PROJECT FLOW

Create a Flask application that provides a user interface for viewing the data
visualization. This can be achieved by embedding a dashboard, story & report of
the web application.

 Data Collection & Extraction From Database

 Collect the dataset.

 Connect IBM DB2 with IBM COGNOS

 Data Preparation

 Prepare data for visualization.

 Data Visualization

 No. of Unique Visualization.

 Dashboard

 Responsive and Design of Dashboard

 Story

 No. of scenes of story

 Report

 Creating a report

 Performance Testing

 Amount of data to be rendered to IBM DB2

 Utilization of data filters
 No. of calculation fields.
 No. of visualizations/ Graphs
 Web integration

 Dashboard and story embed with UI with Flask

 Embed Dashboard , Report & Story with Flask

Data Collection & Extraction of Database:

The dataset as been downloaded from the google drive

The Drive Link:

https://drive.google.com/file/d/1axWT879n_zFn2IiCzQbDJkNE8OC95gX4/vie
w?usp=share_link

Extracting to Database from IBM DB2:

Creating IBM Cloud Account In that IBM Cloud Account we have to create
DB2 and Create Table in that DB2.
Data Preparation:

Preparing the data for visualization involves cleaning the data to remove irrelevant
or missing data, transforming the data into a format that can be easily visualized,
exploring the data to identify patterns and trends, filtering the data to focus on
specific subsets of data, preparing the data for visualization software, and ensuring
the data is accurate and complete. This process helps to make the data easily
understandable and ready for creating visualizations to gain insights into the
performance and efficiency.

Data Visualization:

The number of unique visualizations that can be created with a given dataset. some
common types of visualizations that can be used to analyse the wealth inequality
data , include bar charts, line charts, tree maps, scatter plots, pie charts, Maps etc.
These visualizations can be used to compare performance, track changes over time,
show distribution, and relationships between variables.

Activity 1.1: Average Gini score over the years

Activity 1.2: Average Gini score by oecd & non-oecd

Activity 1.3: Average Gini score by sub-regions of the world

Activity 1.4: Average Gini score by EU & Non-EU countries

Activity 1.5: Top 10 countries by lowest Gini coefficient(score)

Activity 1.6: Top 10 countries by highest Gini coefficient(score)

Activity 1.7: Count of countries by income group

Activity 1.8: Average Gini score by area

Activity 1.9: Average Gini score of different income groups over the years

Activity 1.10: Income group for countries

Dashboard Creation:

The responsiveness and design of a dashboard for analysing the factors important
for analysis of wealth inequality is crucial to ensure that the information is easily
understandable and actionable. Key considerations for designing a responsive and
effective dashboard include user-centred design, clear and concise information,
interactivity, data-driven approach, accessibility, customization, and security. The
goal is to create a dashboard that is user-friendly, interactive, and data-driven,
providing actionable insights.
Story Creation:

The number of scenes in a storyboard for a data visualization analysis of the

factors causing the income inequality, will depend on the complexity of the
analysis and the specific insights that are trying to be conveyed. A storyboard is a
visual representation of the data analysis process and it breaks down the analysis
into a series of steps or scenes.
Report Creation:
Web Integration:

Building a HTML webpage with embedding Dashboard, story and Report

Running index.html with VS code and start running.

Embedding it with Flask Web Application

To embed dashboard, report & story with flask create python file app.py and start
run to get webpage application
 CHAPTER-6
RESULTS
Performance Metrics

S. Parameter Screenshot/Values
No

1. Dashboard
Design
2. Data
Responsiveness

3. Utilization of
data filters
4. Effective user
stories
5. Descriptive
reports
 CHAPTER - 7
ADVANTAGES & DISADVANTAGES
Advantages:
1. Increased Awareness: The project report can raise awareness about
the magnitude and implications of income inequality worldwide. It
can help people understand the extent of wealth disparities and the
consequences they have on various aspects of society.

2. Data-driven Analysis: By conducting a study on income inequality

across the world, the project report can provide a data-driven analysis
of the global wealth divide. This can contribute to a more informed
and evidence-based discussion on the topic.

3. Policy Implications: The report can highlight the policy implications

of income inequality and offer recommendations to address the issue.
It can provide insights into potential interventions and reforms that
could promote greater economic equality and social justice.

4. Comparative Perspective: By examining income inequality on a

global scale, the project report can offer a comparative perspective. It
can identify trends, patterns, and disparities among different countries
and regions, shedding light on both the causes and potential solutions
for income inequality.

Disadvantages :
1. Data Limitations: Gathering comprehensive and accurate data on
income inequality across the world can be challenging. Different
countries may have varying methods of data collection and reporting,
making it difficult to make direct comparisons. Incomplete or
unreliable data may affect the validity and reliability of the findings.
2. Complex and Multifaceted Issue: Income inequality is a complex
issue influenced by numerous factors such as economic policies,
political systems, historical contexts, and cultural norms. The project
report may struggle to capture the full complexity of the topic,
 potentially oversimplifying certain aspects or failing to address all
relevant factors.
3. Subjectivity in Analysis: Interpreting the data and drawing
conclusions can be subjective, potentially leading to biases or
differing interpretations. Researchers may have different perspectives,
which can affect the objectivity and reliability of the project report.
4. Implementation Challenges: While the project report can propose
policy recommendations, implementing them effectively can be
challenging. It requires political will, cooperation among countries,
and overcoming various obstacles, such as resistance from vested
interests or conflicting policy priorities.
5. Ethical Considerations: The project report may raise ethical
questions, such as privacy concerns related to the collection and use
of sensitive financial data. It is important to ensure that the study and
its findings adhere to ethical guidelines and protect the rights and
privacy of individuals.

CHAPTER - 8
CONCLUSION

"In conclusion, this project report has examined the global wealth divide and
income inequality across the world, revealing significant disparities and shedding
light on their far-reaching implications.

The findings of this study indicate that income inequality is a pervasive issue
affecting countries across the globe. The data analyzed clearly demonstrates that a
small portion of the world's population possesses a disproportionately large share
of global wealth, while a significant portion of the population struggles to meet
their basic needs. This vast wealth divide has substantial consequences for social
cohesion, economic growth, and overall well-being.

The project report has highlighted several key contributing factors to income
inequality. These factors include unequal access to education, limited economic
opportunities, regressive tax policies, gender and racial disparities, and inadequate
social safety nets. The study has emphasized the need to address these root causes
and implement comprehensive strategies that promote equal opportunities and fair
wealth distribution.

Furthermore, the project report has underscored the urgency of taking action to
mitigate income inequality. The evidence presented leaves no doubt that reducing
wealth disparities is not only a matter of social justice but also essential for
sustainable economic development. Policymakers, civil society organizations, and
international institutions must collaborate to design and implement policies that
promote inclusive growth, equitable taxation, and targeted social welfare programs.

While this project report has contributed valuable insights, it is important to

acknowledge the limitations faced during the study. Data availability,
comparability, and accuracy varied across countries, which could have influenced
the accuracy of the findings. Additionally, the complex nature of income inequality
warrants further research to explore additional factors and their interactions.

In conclusion, addressing the global wealth divide and income inequality requires a
multi-faceted and collaborative approach. By prioritizing equitable access to
education, promoting fair economic opportunities, and implementing progressive
policies, we can strive towards a more just and prosperous world. It is our
collective responsibility to work towards reducing the global wealth divide,
fostering inclusive societies, and ensuring a better future for all."

CHAPTER - 9
FUTURE SCOPE
The topic of global wealth divide and income inequality across the world offers
several avenues for future research and exploration. Here are some potential areas
of future scope:

1. In-depth Country Case Studies: Further research can delve into specific
countries or regions to understand the unique dynamics of income inequality
within those contexts. Examining the historical, political, and socioeconomic
factors contributing to income disparities in different countries can provide
valuable insights into effective policy interventions.
2. Longitudinal Studies: Conducting longitudinal studies can help track changes
in income inequality over time and assess the effectiveness of various policies and
interventions. Long-term data analysis can provide a clearer understanding of
trends, patterns, and the impact of specific events or policy reforms on income
inequality.

3. Intersectionality and Multiple Dimensions of Inequality: Exploring the

intersectionality of income inequality with other dimensions of inequality, such as
gender, race, and age, can offer a more comprehensive understanding of the issue.
Future research can investigate how different forms of inequality intersect and
compound, influencing individuals' opportunities and outcomes.

4. Technological Advancements and Income Inequality: Investigating the

relationship between technological advancements, automation, and income
inequality can be an area of future exploration. Research can assess the impact of
automation on job markets, income distribution, and the potential for creating or
exacerbating income disparities.

5. Global Policy Coordination: Further research can focus on the feasibility and
effectiveness of global policy coordination to address income inequality.
Examining international collaborations, agreements, and initiatives that aim to
reduce global wealth disparities can offer insights into successful strategies for
promoting more equitable economic systems.

6. Sustainable Development Goals (SDGs): Exploring the connection between

income inequality and the achievement of the SDGs can be an area of future
research. Understanding how income disparities affect progress towards different
goals, such as poverty eradication, quality education, and reduced inequalities, can
inform policy efforts and prioritize interventions.

7. Impact of COVID-19 Pandemic: The COVID-19 pandemic has had a

significant impact on income inequality globally. Future studies can analyze the
short and long-term consequences of the pandemic on income disparities, including
its effects on employment, poverty rates, social protection systems, and the overall
distribution of wealth.

8. Comparative Analysis of Policy Approaches: Comparative studies on the

effectiveness of different policy approaches to reduce income inequality can
provide valuable insights. Analyzing the outcomes of policy interventions in
various countries can help identify successful strategies and lessons learned for
addressing income disparities.
9. Public Perception and Attitudes: Exploring public attitudes and perceptions
towards income inequality can provide insights into societal values and preferences
regarding wealth distribution. Investigating how public opinion influences policy
decisions and the potential for social mobilization to address income inequality can
be an interesting area of future research.

10. Global Governance and Income Inequality: Research can focus on the role
of global governance institutions, such as the World Bank, International Monetary
Fund, and World Trade Organization, in addressing income inequality. Assessing
the effectiveness of existing global governance mechanisms and proposing reforms
can contribute to more equitable global economic systems.

These potential areas of future research can deepen our understanding of income
inequality, inform policy debates, and contribute to more effective interventions
aimed at reducing the global wealth divide.

CHAPTER - 10
APPENDIX
Github Link : https://github.com/naanmudhalvan-SI/PBL-NT-GP--137-
1680401374

Project Demo Video Link :

https://drive.google.com/file/d/186dNUdGTDOc0wx_-
qGoXMnz9sSGXGh2U/view?usp=drivesdk