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Inequality in terms of income and wealth among the population is important to measure as it is an indicator and helps economists identify if the economy is doing well qualitatively or just quantitatively.

An economy may have steadily rising GDP, rising foreign exchange reserves, and so on. However, this information is insufficient to determine whether or not the economy is performing well overall. Although all numbers are rising, it is possible that the wealthiest are becoming wealthier and the poor are becoming poorer.

As a result, inequality measurement is required.

Income inequality assesses the disparity between the rich and the poor based on their earnings, i.e. it is mainly concerned with the cash flow system.

Wealth inequality, on the other hand, refers to assets such as belongings, savings, investments, and so on.

Income disparity, in my opinion, requires more attention.

Income disparity is a concept that deals with people's basic needs, namely that having money in their hands is essential for living. From a larger perspective, wealth disparity includes and is caused by income inequality. When income disparity rises and rises over time, it is mirrored in wealth inequality.