Equality denotes that everyone is at the same level, whereas equity in business parlance denotes the ownership of the shares of a company. Equity refers to the qualities of justness, fairness, impartiality and even handedness, while equality is about equal sharing and exact division. Equality equals quantity, whereas equity equals quality.

Your example makes sense dramatically but the word equity, in my experience is seldom used in this context. Equity, is very frequently used to discuss the value of shares which are issued by companies, or the proportion of ownership which a person has when they purchase a property using a mortgage. For example, if a person buys a house which has a value of $100,000 by paying $10,000 and borrowing the other $90,000, that person's equity in the house is only $10,000. It is often said that the owner has a 10% equity in this property because, after paying the debt, his proportion of the ownership is only 10% of the total value. Equality, on the other hand, refers to a condition of two or more things which have the same value. The mathematical "equals sign (=) denotes, equality on both sides of the equation.

'Equity' means 'The state, quality, or ideal of being just, impartial, and fair'. 'Equality' is the state, quality or ideal of being equal. So equity deals with "Fairness and justice" whereas Equality is "being equal" e.g. If people are paid equally, then each of us is paid the same. If people are paid equitably, then each of us is paid according to some supposedly objective assessment, such that I get paid a great deal more than you because I am better than you in oh-so-many ways. (that is fair!)

interesting question, i had to check the dictionary myself! One definition seemed to help me distinguish between the two: Equity - The quality of being fair and impartial: "equity of treatment". therefore equality is about equalness （平等）, equity is about fairness （公平）