Economist and author Robert Wade was awarded an honorary Doctor of Commerce at Te Herenga Waka – Victoria University of Wellington’s recent graduation ceremonies. The doctorate recognised his influential research on wealth inequalities between countries and how they can be reduced.
A contributor to book Inequality: A New Zealand Crisis, Professor Wade visited New Zealand in July 2013 and presented several high-profile lectures on 'Inequality and the West: Capitalism at a Tipping Point'.
His speech on receiving the doctorate included the following comments:
‘Today the distribution of wealth in western societies is more unequal than it has been for well over a century. In New Zealand today the top 1% owns around 25% of the national wealth, as in Australia (Rashbrooke 2021). This sounds extreme; but it is mild compared to the US, where the top 1% owns more like 35% of the national wealth! It is amazing that American society is as “calm” as it is, in the face of such gross inequality.’