Japan has some of the worst wealth inequality and highest rates of child poverty among the world's developed nations, according to a UNICEF report unveiled Thursday, which ranked the nation 34th out of 41.

The report, titled "Fairness for Children: A league table of inequality in child well-being in rich countries," pointed to the growing severity of child poverty in Japan.

Norway was ranked first, meaning that nation's income gap among households with children was the smallest among surveyed countries, followed by Iceland and Finland. Japan was ahead of countries such as Italy, Spain, Israel and Greece.