The gap between the rich and the poor is becoming wider; the rich are becoming richer. and the poor are even getting poorer. What problems can the situation cause? What can be done to reduce this gap?

The growing wealth disparity stems from the migration of skilled labour and many

loopholes

in the progressive tax system.

Nevertheless

,

this

could be solved by providing better educational programmes and closing these

loopholes

.

To begin

, the global prosperity disparity has been exacerbated. One major consequence is that most high-quality workers are employed by global enterprises, contributing to the increasing profits of these firms. Meanwhile, in developing nations, local businesses lack the skilled workforce needed to compete with foreign corporations in the fast-paced technological world. Youngsters from wealthy families often enrol in overseas universities and choose to work for international businesses that offer higher salaries and better environments.

Consequently

, these talented individuals contribute to the success of these corporations, which leads to the collapse of their native companies.

For example

, recruitment market reports have shown that the number of non-native permanent staff in multinational enterprises is almost equal to the total number of overseas students from developing nations.

Additionally

, many financial reports have shown a positive correlation between a high-income gap and the number of judicial tariff problems related to business tariffs and personal levies. By exploiting these

loopholes

, many capitalists can avoid paying taxes, which ultimately widens the gap between the rich and the poor.

However

, these problems could be addressed by providing better educational programs with the assistance of foreign professors, especially in science subjects from developed nations. In general, upgrading the quality of the workforce could narrow the wealth disparity and enhance industrial capacities.

For instance

, India has provided higher educational programmes, especially in information technology, which has generated skilled workforce generations and top-notch services through local technological enterprises.

Besides

, the government should reform and enforce a stricter progressive tariff system to reallocate welfare in society, allowing the poor access to medical services and housing.

To conclude

, the growing prosperity gap stems from the migration of skilled labour and tax

loopholes

.

However

,

this

issue could be tackled by providing better educational programs and closing these

loopholes

.