World Bank: $160b Lost to Men, Women Earnings Gap

• World Bank: $160b Lost to Men, Women Earnings Gap

The World Bank has disclosed that countries are losing $160 trillion in wealth due to gaps in lifetime earnings between men and women.

The figure, the global lender said in a report relased yesterday, amounts to an average of $23,620 per person in the 141 countries studied by the World Bank Group.

The study, Unrealised Potential: The high cost of gender inequality in earnings, examines the economic cost of gender inequality in lost human capital. It comes before the meeting of the G7, currently headed by Canada, which committed to ensuring gender equality and women’s empowerment are integrated across all G7 themes, activities and initiatives during its presidency.

“The world is essentially leaving $160 trillion on the table when we neglect inequality in earnings over the lifetime between men and women,” World Bank CEO Kristalina Georgieva said.

“This is a stark reminder that world leaders need to act now and act decisively to invest in policies that promote more and better jobs for women and equal pay at work.