Society

Rich-poor divide in the Faroe Islands widening

The Faroe Islands is arguably one of the top countries in the world when it comes to income equality, but in the last 10 years, the gap between the rich and the poor in the North Atlantic archipelago has increased considerably.

There are perhaps more millionaires than ever in the Faroe Islands.

As of 2017, there were a record 228 millionaires in Tórshavn Municipality, reports Faroese news webpage In.fo.

In.fo has analyzed Tórshavns Municipality tax list and discovered that 228 people in the Faroese capital had a income of 1 million DKK or more in 2017.

The interesting part is, however, that while the highest earners in the Faroes seem to earn more and more, the same cannot be said for the Faroese working class.

The Faroe Islands is arguably one of the top countries in the world when it comes to income equality, but in the last 10 years, the gap between the rich and the poor in the North Atlantic archipelago has increased considerably, writes In.fo.

GINI index of the Faroe Islands increased from 19.3 index in 2009 to 22.8 index in 2016.

As for Denmark, GINI index was reported at 27.4 in 2015.

In 2009, the richest 20 percent in the Faroes earned 2.7 times more than the poorest 20 percent, while in 2017, the richest 20 percent in the Faroes earned 3.2 times more than the poorest 20 percent, writes In.fo.

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Local.fo is the only English-language newspaper in the Faroe Islands reporting Faroese news exclusively.

The Local.fo website was launched in January 2018 and the printed edition was first published in June 2018.

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