Denmark further down the financial inequality road than other Nordics – The Post

Denmark further down the financial inequality road than other Nordics

Denmark’s super rich just keep on getting richer

And I’ll take a dozen of those … (photo: stephenhanafin)
May 22nd, 2019 12:38 pm| by Stephen Gadd

When it comes to the discrepancy in income between the richest Danes and the rest of the population, the country seems to be emulating British conditions.

New figures from the think-tank Kraka in conjunction with consultancy firm Deloitte reveal that the richest Danes’ share of the country’s total income has risen to 11 percent – from around 7 percent in early 1990, reports Jyllands-Posten.

This puts Denmark on a par with the UK and ahead of Norway and Sweden where the figure is around 8 percent.

The trend has accelerated since the financial crisis and has been driven by top executive wages and increased income from accumulated wealth.

Equality equates with stability
“This is a development that unfortunately, most people can recognise. It’s not about envy, but about justice, reasonableness and social cohesion. An equal society is also a more stable one,” Peter Hummelgaard, Socialdemokratiet’s acting political spokesperson, told Jyllands-Posten.

The party would like to reverse the trend by restricting the amount people can deduct on salaries over 10 million kroner and by introducing higher taxes on income from accumulated wealth.

However, the finance minister, Kristian Jensen, is not worried. “Of course there is a limit to how unequal a society can become, but I don’t think Denmark is there yet. We shouldn’t fight wealth but poverty,” he said.