income

June 11 (Asia Today) — South Korea is facing widening gaps in both wealth and income, with young people and those without homes losing ground economically, Bank of Korea researchers said Wednesday.

The central bank’s research department made the assessment in a report titled “Household Polarization in the Korean Economy and Its Spillover Effects.” The report said South Korea is confronting a form of dual polarization as asset and income inequality expand at the same time.

According to the report, South Korea’s net wealth Gini coefficient fell to 0.584 in 2017 but has since risen, reaching 0.625 last year. A Gini coefficient closer to zero indicates greater equality, while a figure closer to one indicates greater inequality.

The report identified rising real estate prices as a key factor behind the widening asset gap. It said higher property prices have played a central role in explaining movements in wealth inequality.

The Bank of Korea researchers also said real estate assets are concentrated among older generations, making wealth inequality between generations more structural.

The conditions for young people to build assets have deteriorated, the report said. An increasing number of young people earn relatively high incomes but cannot enter the upper wealth bracket because they do not own real estate.

The report said the mobility that once allowed people with middle- to upper-level incomes to move into the top wealth group has weakened, undercutting the asset-building ladder for younger households.

Income inequality also shows signs of widening again. The disposable income Gini coefficient fell from 0.353 in 2016 to 0.323 in 2023 but rose slightly to 0.325 in 2024.

The report said income inequality, which had improved through redistribution policies, could widen again because of K-shaped growth across industries.

Researchers identified the gap between the information technology sector and non-IT industries as a driver of income polarization. In the IT sector, wages have risen sharply, led in part by bonuses, while wage growth has been limited in other industries.

The spread of artificial intelligence could further deepen income gaps, the report said. Researchers said AI technology, combined with advances in robotics, could replace jobs held by low-income workers and young people in the early stages of their careers.

A Bank of Korea survey on AI also found that people in lower income brackets were more likely to believe their jobs could be replaced by AI.

The impact of dual polarization is especially visible among young people. The share of people in their 20s and 30s among households in the bottom quintile for both net wealth and income rose from 7.9% in 2020 to 15.2% in 2025.

The report said this suggests young people without homes are increasingly being pushed into lower economic groups.

The Bank of Korea researchers warned that dual polarization could weaken productivity and consumer vitality across the economy.

An analysis using data from 120 countries found that when the share of wealth held by the top 10% rises by 1 percentage point, total factor productivity falls by 0.16% two years later.

In South Korea, the share of net wealth held by the top 10% increased from 43.0% in 2022 to 46.1% in 2025, up 3.1 percentage points. Researchers said widening wealth inequality could become a constraint on economic growth and productivity improvement.

The social costs could also increase. The report said widening wealth and income gaps may lower expectations for upward mobility, weaken work incentives and reduce social trust.

It also warned that high housing costs for young people could become a barrier to marriage and childbirth.

The researchers said redistribution policies focused mainly on income support are not enough to respond to dual polarization. They said South Korea needs to guide household assets, which are heavily concentrated in real estate, toward more productive sectors and expand opportunities to build productive assets.

The report also called for a more stable tax base in response to economic changes driven by technological development. It said institutions should be reviewed to ensure that the path from labor income to asset formation does not deteriorate further.

Researchers also said South Korea must strengthen new growth industries so the benefits of economic growth can spread more widely across the economy.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260611010004200

Monduli, Tanzania – When drought wiped out most of her family’s livestock, 30-year-old Nesirkar Loongidong’i, a Maasai mother of four from Selela village in northern Tanzania, found herself with very few options. The dry season had already killed most of their animals.

Today, she makes a living growing and selling drought-resistant livestock fodder.

“Before I planted fodder, I lost most of our goats. Now, people come from other villages to buy grass, and I can support my children. I don’t fear drought anymore,” Loongidong’i told Al Jazeera.

With the income, she has built a house and bought five goats.

Loongidong’i’s story is part of a much larger and fast-growing shift. Across northern Tanzania, Maasai women, part of a community of about 430,000 people, are turning fodder production from a survival tactic into a climate-adaptation business. The work is coordinated by the Pastoral Women’s Council (PWC) and is spreading across pastoral districts.

The PWC is a women-led membership organisation working across three northeastern districts, covering more than 28,000 square kilometres (10,810 square miles) and serving about 456,000 people, most of them Maasai pastoralists. Founded in 1997, it now counts around 6,500 members in 90 villages, with years of work focused on land rights, economic empowerment, and girls’ education.

For Loongidong’i, it all comes down to growing pasture grass without irrigation. Because demand remains steady, so does her income, and with it, her household’s stability. Today, she lives in a home with a metal roof, and nearby, her goats graze in a fenced area as their numbers slowly grow again.

According to Tanzania’s Ministry of Livestock and Fisheries, at least 306,358 animals, including cattle, goats, sheep, and donkeys, died between September 2021 and January 2022 due to prolonged drought. In Simanjiro district alone, 92,047 livestock were lost, wiping out livelihoods across pastoral communities.

In response, the PWC established 10 major grass seed banks across eight villages in Monduli and Longido districts. Today, about 75 hectares (185 acres) are under fodder production, with another 37 hectares (90 acres) expected to be added in the 2025-2026 season. Around 250 women directly manage these farms, while thousands of herders now depend on them for feed during dry seasons.

The impact is already visible. In 2025, a single seed bank earned 6.6 million Tanzanian shillings (about $2,500) from seed sales, along with 1,111 hay bales sold at 6,000 shillings ($2.30) each. For many women, this has shifted their role from dependents to economic providers.

Backed by organisations such as the Global Fund for Women and Oxfam, the PWC is now seen as offering a replicable model for protecting a livestock economy worth millions of dollars.

This shift is no longer limited to survival. Across northern Tanzania, it is becoming a quiet but steady form of enterprise, reshaping daily life in pastoral communities.

From survival to business

In Longido and Monduli, deep in northern Tanzania, Maasai life has been slowly changing. As traditional grazing patterns weaken under worsening droughts, women are increasingly taking on roles once tied only to herding, now growing pasture for income on open communal land.

Loongidong’i explains that what began as a way to survive dry years has now become a reliable source of income for many women. In the past, planting hardy grasses such as Cenchrus ciliaris was simply about keeping livestock alive. Today, it is also a business.

To respond to declining rainfall, women grow resilient species such as Rhodes grass (Chloris gayana) and Masai love grass (Eragrostis superba) on designated community plots. These grasses stay green longer than natural pasture during dry periods. Once harvested, they are bundled and sold to local herders as animal feed.

“Seeds are also saved and traded later when demand rises,” Loongidong’i says, adding that this cycle now supports many households across arid areas.

Herding families also benefit during drought periods, when natural grazing disappears and these managed plots become a lifeline for livestock.

The seed bank project, managed by Naisho, the group Loongidong’i works with under the PWC, generated about 6.6 million Tanzanian shillings ($2,514) from seed sales, alongside more than 1,000 bales of grass. Small in scale, but steady in output, it has proven what organised local production can achieve.

For the Maasai, cattle are more than livestock; they are the centre of daily life, economy, and identity. When rains fail, the impact is immediate: animals weaken, and families struggle.

As in many pastoral communities, women carry much of the responsibility for daily survival, from food preparation to fetching water and caring for children. Now, alongside those roles, they are also becoming earners.

“Women who once depended entirely on their husbands now have their own income,” says Rachel Letiety, a founding member of the PWC. “Families are becoming more stable. Men are beginning to value women’s contributions, especially during droughts.”

Ongoing challenges

Still, the progress comes with challenges.

Loongidong’i says some farms are affected when weeds take over and when fences break, allowing livestock, and sometimes wild animals, to destroy carefully cultivated plots.

“I have seen invasive plants ruin large parts of our farms,” she says. “And sometimes animals enter and destroy what we have worked on for months. It is not easy to guard these fields every day.”

She also points to tensions within groups, where disagreements sometimes arise over responsibilities and how income is shared.

At present, with support from organisations such as Justdiggit, Trees for the Future, and Swissaid, around 200 women are directly involved in the project. Many more benefit indirectly, especially during drought periods when pasture becomes scarce.

“This work prevents our cattle from dying and keeps them healthy,” says Nairiyamu Laizer, a mother of three and secretary of the Naisho group. “It also helps sustain the bulls we raise.”

“If all women take up this opportunity, these projects can lift our economy,” she adds.

“We harvest the grass and sell it; some buyers use it for cattle feed, others for thatching houses. We also grind some of it into animal feed,” she says.

For Loongidong’i and many Maasai women, growing fodder is no longer just about surviving difficult seasons. It has become a new beginning, reshaping livelihoods and the place of women in pastoral life.

“Now women help bring money into their homes,” she says, “and families are becoming more stable.”

This article is published in collaboration with Egab.

June 5 (UPI) — Andrew Mountbatten-Windsor, formerly Prince Andrew, was taking in undisclosed rental income by subletting cottages on royal property, the National Audit Office reported Friday.

Mountbatten-Windsor sublet three cottages on the Royal Lodge estate while the king paid rent for royal palaces for him and his daughters. The report by the National Audit Office, a public spending oversight organization, is the first on royal residences in 20 years.

Mountbatten-Windsor did not pay rent at the Royal Lodge because he paid $10 million, or about $8.67 million, for repairs in 2005. He also paid about $1.35 million when he took over the least in 2003.

The report said Mountbatten-Windsor was allowed to sublet property at the Royal Lodge due to a provision in the lease. Other royal properties allow sublets to generate income with the permission of the Crown Estate.

His daughters, Princesses Eugenie and Beatrice, have properties in Kensington Palace and St. James’s Palace, respectively. Neither pays rent for their properties, as it is paid by the king’s “privy purse,” the monarchy’s personal money. Their palaces are maintained with public money.

Mountbatten-Windsor’s home at Royal Lodge spanned 30 rooms. He lived there until February when he was stripped of his title and removed over his connection with convicted sex offender Jeffrey Epstein.

“In the case of the Royal Lodge, three cottages on the estate were sublet with income generated payable to Andrew Mountbatten-Windsor,” the National Audit Office report said. “We do not know what rent was charged.”

Walt Disney Co.’s theme parks and cruise line business is holding steady despite national concerns about discretionary consumer spending and higher gas prices.

The Burbank media and entertainment giant’s experiences division reported $9.5 billion in revenue in its fiscal second quarter, up 7% compared with the same period a year ago.

The increase was due to higher guest spending at Disney’s domestic parks and experiences, which reported a 6% bump in revenue to $6.9 billion, and more capacity on the company’s cruise line with the introduction of two new ships. The segment saw a 5% increase in operating income to $2.6 billion for the three-month period that ended March 28.

Disney’s theme parks segment was under close scrutiny given the national conversation about rising consumer costs and gas prices due to the U.S.-Iran war. Analysts had wondered whether consumers would tighten their belts and forgo vacations given the higher travel costs.

Disney did see a 1% decline in attendance at its U.S.-based parks compared with the prior year, which the company attributed to “continued softness” in international visitors, but said it was starting to move past those issues. Company executives have previously said Disney pivoted marketing and promotional efforts to attract local visitors.

Last quarter, executives indicated that results in the company’s second fiscal quarter could be affected, in part, by “international visitation headwinds,” a nod to the lower number of foreign visitors now traveling to the U.S.

Though the heightened economic uncertainty around the world could have a “potential impact” on the business, Disney Chief Executive Josh D’Amaro and Chief Financial Officer Hugh Johnston said in a shareholder letter Wednesday that the company was “encouraged by current demand.” The company expected that fiscal third-quarter domestic attendance numbers would improve, they wrote.

The company’s overall earnings were powered by its entertainment business, which posted revenue of $11.7 billion, up 10% compared with the prior year’s quarter.

That growth was driven by big gains for Disney’s streaming services — Disney+ and Hulu — which raked in nearly $5.5 billion in revenue, an increase of 13% compared with 2025, thanks to higher subscription fees from user growth and more advertising revenue. Operating income for the streaming business jumped 88% to $582 million.

Disney’s entertainment segment also had a stronger quarter at the theatrical box office, with standout performances from 20th Century Studios’ “Avatar: Fire and Ash,” the animated sequel “Zootopia 2” and Pixar’s “Hoppers.”

Overall, the company reported $25.2 billion in revenue, a 7% bump from the prior year. Income before income taxes totaled $3.4 billion, an increase of 9% compared with the same period in 2025, while operating income rose 4% to $4.6 billion. Earnings per share, excluding certain items, was $1.57, compared with $1.45 a year earlier.

Disney’s sports segment, which includes ESPN, reported revenue of $4.6 billion, a 2% increase from the same period in 2025. It brought in operating income of $652 million, a 5% slide that the company attributed to higher sports rights costs and the absence of UFC pay-per-view revenue compared with last year.

Disney also alluded to the company’s view of artificial intelligence as a “meaningful long-term opportunity,” saying it could play a role in content creation and production, monetization, workforce productivity, consumer and guest experiences and enterprise operations.

“At the same time, we are committed to implementing AI in a way that keeps human creativity at the center of everything we do and respects creators and the value of our intellectual property,” D’Amaro and Johnston said in the shareholder letter.

After noting OpenAI’s closure of the text-to-video AI tool Sora, which Disney had planned to invest in, D’Amaro and Johnston said the company will “continue to explore” commercial opportunities with OpenAI and other companies.