According to the Equality Trust Annual Wealth Tracker, the richest 1000 in Britain have more wealth than the poorest 40 per cent.
In its Annual Wealth Tracker, published on 18th May 2014, the Equality Trust set out the huge increase in wealth of the richest in British society by providing comparisons with recognisable household items and bills.
It found that the richest 1000 people have more wealth than the poorest 40% of households, and that the richest 100 have over £100bn more wealth than the poorest 30% of households. The 100 richest saw their wealth increase by £40.1 billion last year, the equivalent of £109.95 million a day, or £1,272 a second.
The Equality Trust found that this increase in wealth of £40.1 billion could:
- Pay the energy bill for all 26.4 million UK households for over a year (13 months.) Cost = £40.1 billion; or
- Provide 2.76 million Living Wage jobs, or 1.83 million jobs paid at an average salary. The former providing jobs for every unemployed person. Cost = £40.06bn or 40.09 billion;
- Elevate all 1.386 million National Minimum Wage jobs to Living Wage jobs. Cost = £3.52 billion; or
- Pay the grocery bill for all of the UK’s users of food banks for 14 years. Cost = £37.76 billion; or
- Pay a year’s rent for nearly half of all renting households, or 4.05 million people. Cost = £40.04 billion; or
- Provide eighteen times the value of annual loans provided by the payday lending industry. Cost = £39.6 billion.
Duncan Exley, Director of the Equality Trust, said:
Wealth Inequality in the UK is vast. The fact that just 100 people could have more wealth than 30 per cent of the population is staggering. Can anything really justify just 100 people having the same wealth as almost 19 million people? Does anyone think this is a fair or efficient share of wealth?
Inequality at this scale is hugely damaging for society. Its corrosive effect on our health, well-being and even on our economy is now being shown by organisations like the IMF and the OECD and is acknowledged by world figures from Barack Obama to the Pope.
The UK’s inequality is even more worrying when looked at in the context of some of the most serious social issues facing the country. With food prices, energy bills and rents rising far faster than most people’s wages, many are struggling just to stay afloat. In fact almost a million people used food banks last year. The increase in wealth held by Britain’s 100 richest increased by £40.1 billion last year. If this increase in wealth was used differently, it could alleviate or end food and fuel poverty, provide thousands of Living Wage jobs or ease the housing crisis.
Unsurprisingly, the UK’s huge economic inequality is now a key concern for the British public. In fact over 80% of people believe the gap between the rich and poor is now too large. Politicians of all parties need to recognise this growing unease.
A fully referenced version of this report can be found online at: http://www.equalitytrust.org.uk/