Latest news with #incomeDisparity
South China Morning Post
a day ago
- Business
- South China Morning Post
Hong Kong must end its ‘tale of two cities' to thrive
A major challenge facing Hong Kong is how to address the problem of wide income disparities , which affect the overall well-being of the community. The arrival of artificial intelligence (AI) and its potentially adverse impact on middle-class jobs may further exacerbate inequality. Since 1981, Hong Kong's gross domestic product (GDP) per capita has increased over eightfold, affirming its status as a financial centre. However, low-income groups have not shared in the economic prosperity. In fact, over the past four decades, the rich-poor divide has remained unbridged and is widening. Our research team examined four decades of census data using the Theil Index, a measure of income disparity where 0 is perfect equality and 1 represents a high degree of inequality. The Theil Index is helpful in looking at how much of the overall inequality stems from variations within a group and between groups. Our results reveal that determinants such as place of birth, gender, age and residence have a significantly less pronounced impact on income gaps between groups than one might expect. The contribution of the gender pay gap to overall income inequality decreased from 0.025 in 1981 to 0.009 in 2021, reflecting a trend towards equal pay. During this period, more women entered the workforce. Meanwhile, the number of individuals arriving in Hong Kong with one-way permits reached 1.12 million, diversifying the population.
Yahoo
23-05-2025
- Entertainment
- Yahoo
Sofia Vergara said dating someone with less money than her would be a 'nightmare.' We asked 3 therapists what they think.
Sofía Vergara, 52, knows what she wants in a partner. The "Griselda" star says dating someone with less money than her would be "a nightmare." Income disparity can impact romantic relationships, especially around power dynamics. Sofía Vergara has a list of what she wants in a partner. During an appearance on the May 14 episode of the "Today" show, the "Modern Family" actor reflected on her dating life and got candid about some of the traits she hopes her future partner will have. "I want to say the basic stuff, like health and somebody that loves me," Vergara told hosts Jenna Bush Hager and Erin Andrews. "And somebody tall, handsome." "I want somebody that has as much money as me or more, because if not, it's a nightmare. They end up resenting you. And I want somebody fun. I need fun in my life," Vergara added. Vergara has been married twice. In July 2023, after seven years of marriage, Vergara and the actor Joe Manganiello announced they were divorcing. She was previously married to Joe Gonzalez. A representative for Vergara did not respond to a request for comment sent by Business Insider. Two therapists and one wealth psychologist told BI they've heard similar sentiments echoed by many of their affluent clients. Income disparity can impact romantic relationships, particularly around power dynamics. Lami Ronit, a wealth psychologist who runs her own practice from both California and London, told BI she has noticed a difference in how men and women handle being the higher earners in a relationship. "Women who are the higher earners often face a double standard; they're expected to succeed, but not so much that it threatens traditional gender roles. Men, on the other hand, are typically socialized to feel more comfortable being the financial provider," Ronit said. When those roles are reversed, both partners can struggle, since the woman may feel she has to downplay her success while the man may wrestle with pride or feelings of inadequacy, she said. The challenge persists even in some progressive circles where gender norms have been disrupted, Matt Lundquist, the founder and clinical director of Tribeca Therapy, a New York-based psychotherapy center, told BI. "While it might seem that wealth invites ease — and in many ways it can and should — it also becomes a space where individuals' histories with money and gender expectations play out," he said. For instance, it could be an issue when one person sees their contributions to the relationship as being more valuable than the other because of the amount of money they possess or earn, Dana McNeil, a relationship therapist and the founder of The Relationship Place, a San Diego-based practice, told BI. "Many wealthy partners may perceive they are entitled to exert more control and say in the relationship about how money is spent," she said. This can sometimes cause the less wealthy partner or the one more financially dependent to resent having to rely on their partner's permission to make purchases. "This feeling of dependence can create a parent/child dynamic that feels like a loss of freedom and autonomy," McNeil said. While there is no one-size-fits-all approach, fairness and clarity are key, Ronit said. "When appropriate, I often recommend that couples talk about proportional contributions rather than equal ones. For example, each person could contribute a percentage of their income toward shared expenses," she said. The goal is to avoid feelings of imbalance or resentment, Ronit added. When it comes to splitting bills, McNeil says she often suggests her clients have three checking accounts: a personal one for each partner and a joint account for bills and common expenses like going out to dinner or buying groceries. To make expectations clear, it's important for couples to talk about money "sooner rather than later," Lundquist said. "At some point, all couples need to confront the reality that a significant part of the partnership is economic and address both the material and symbolic aspects of this," he said. It's also important for each partner to determine what they want and understand the trade-offs that may accompany that. "And on this count, I'll give Sofía Vergara great credit — she clearly knows what she wants," Lundquist added. Read the original article on Business Insider
