Globally, countries are losing $160-trillion in wealth because of differences in lifetime earnings between women and men. This amounts to an average of $23 620 for each person in the 141 countries studied by the World Bank Group in a new report released today.

The study, Unrealized Potential: The High Cost of Gender Inequality in Earnings, examines the economic cost of gender inequality in lost human capital. It comes before the meeting of the G7, currently headed by Canada, which committed to ensuring gender equality and women’s empowerment are integrated across all G7 themes, activities and initiatives during its Presidency.

“The world is essentially leaving $160-trillion on the table when we neglect inequality in earnings over the lifetime between men and women,” said World Bank CEO Kristalina Georgieva. “This is a stark reminder that world leaders need to act now and act decisively to invest in policies that promote more and better jobs for women and equal pay at work.”

Report by the World Bank