Amid global population ageing and evidence that health disparities in later life often stem from accumulated disadvantage, it is essential to assess health inequalities in older adults in an internationally comparable and comprehensive way. Addressing the shortcomings of analysing average health levels in a population while preserving the comparability of countries and subpopulations, we estimate Gini coefficients to examine inequalities in physical and cognitive functioning of older adults in 41 countries, stratified by gender and five-year age group. Utilising data from 11 nationally representative surveys on the health and ageing of older adults, we find substantial heterogeneities in physical and cognitive functioning inequalities across countries for both women and men. Notably, countries with higher median scores in cognitive functioning tend to exhibit significantly less pronounced inequalities. Furthermore, our results reveal a steep positive age gradient in both dimensions of cognitive functioning. Taken together, our descriptive results provide a valuable foundation for researchers and policymakers aiming to identify targeted interventions and policy measures to address health disparities.