UNITED NATIONS, Sept. 4 (Xinhua) -- Wealth creation in the digital economy is highly concentrated in the United States and China, according to the first-ever Digital Economy Report 2019 released by the UN Conference on Trade and Development (UNCTAD) on Wednesday.

"Wealth creation in the digital economy is highly concentrated in the United States and China, with the rest of the world, especially countries in Africa and Latin America, trailing considerably far behind," according to the report launched at the UN headquarters in New York, together with Geneva, New Delhi and Tokyo.

The United States and China account for 75 percent of all patents related to blockchain technologies, 50 percent of global spending on the Internet of Things (IoT), more than 75 percent of the cloud computing market and as much as 90 percent of the market capitalization value of the world's 70 largest digital platform companies, the report said.

Under the current policies and regulations, this trajectory is likely to continue, further contributing to rising inequality, UN Secretary-General Antonio Guterres said in the report.

"We must work to close the digital divide, where more than half the world has limited or no access to the Internet. Inclusivity is essential to building a digital economy that delivers for all," Guterres added.

UNCTAD Secretary-General Mukhisa Kituyi said: "We need to respond to the desire of people in developing countries to take part in the new digital world, not just as users and consumers, but also as producers, exporters and innovators, for creating and capturing more value on their path towards inclusive prosperity."

The report, which maps the flow, data and funds in the world's digital economy, outlines the enormous potential gains and possible development costs as more of the world moves, connects and buys online. Enditem

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