UNITED NATIONS: The richest one per cent of the world population owns about 40 per cent of the world’s assets, while the bottom half owns no more than one per cent says a UN report, adding it hinders economic and social progress.

The report. “Humanity Divided: Confronting Inequality in Developing Countries” shows that if left unchecked, inequality can undermine the very foundations of development and social and domestic peace.

“Inequalities on today's levels are unjust, and as demonstrated in this “Humanity Divided” report, they also impede human progress,” said UNDP Administrator Helen Clark.

“The Report explores the causes and consequences of the inequalities which divide us — within and between countries – and argues that there is nothing inevitable about growing inequality."

A sustained reduction in inequality requires a shift to more inclusive growth patterns — supported by redistributive polices and changes in social norms — says the report launched today by the United Nations Development Programme Administrator Helen Clark.

Adjusting for population size, income inequality increased by 11pc in developing countries between 1990 and 2010. A significant majority of households in developing countries —-more than 75pc of the population — are living today in societies where income is more unequally distributed than it was in the 1990s. But high and persistent inequality goes beyond income.

Despite overall declines in maternal mortality in the majority of developing countries, women in rural areas are still up to three times more likely to die while giving birth than women living in urban centres.

Women are also participating more in the work force, but remain disproportionately represented in vulnerable employment and underrepresented among political decision makers, while continuing to earn significantly less than men.