The recent literature has found that rising income inequality in many countries is harmful for their sustainable growth (Dabla-Norris and others (2015), Easterly (2007), Ostry, Berg, and Tsangarides (2014). In Han, Kim, and Lee (2016), we narrow down the scope and quantitatively study the effect of rising income inequality in China, Japan, Korea, and the U.S. on the Korean economy. Our quantitative results show that a single index for income inequality is limited in fully representing all changes in inequality, and that the aggregate effect of rising inequality is better captured by tracking down changes in the entire income distribution instead. In particular, our results show that the population within the top 1 percent income group tends to have positive consequences on employment and investment. In the absence of detailed data, however, we cannot pinpoint which section of the population would benefit domestic demand. Instead of targeting a single index for inequality, therefore, policy tools to address rising inequality should be grounded by more sophisticated analysis.