Saturday, January 08, 2022

UK Wealth Inequality

 The richest 1% of households in the UK each have fortunes of at least £3.6m.

At the other end of the scale, the poorest 10% of households have just £15,400 or less, with almost half burdened with more debts than they had in assets.

The wealthiest 10% of households held 43% of all the wealth in Great Britain in the latest period; in comparison, the bottom 50% held only 9%.

Figures that show the inequality gap was widening even before the pandemic struck.

 The income inequality gap as measured by the Gini coefficient had “steadily increased to 36.3%” (A Gini coefficient of 0% represents total equality where everyone has the same and 100% represents total inequality, where one person owns all the wealth.)

“The gap between the richest in society and the rest of the population has widened over the 10-year period,” the ONS said.

There are an estimated 27.8m households in the UK and there are just 263,000 in the top 1%.

The median average household wealth across the UK was £302,500, only a marginal increase on previous years.

Richest 1% of UK households are worth at least £3.6m each | Money | The Guardian

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