"It would take the average earner in the UK 52 years' worth of earnings to become as wealthy as the richest 10%, according to new research by the Resolution Foundation. In a new report, the influential thinktank analyses the Office for National Statistics' latest wealth and assets survey, which covers the Covid pandemic period of 2020-22. . The authors find that in 2006-08, before the global financial crisis, it would have taken 38 years' worth of median full-time earnings"
"Molly Broome, senior economist at the Resolution Foundation and the lead author of the report, said: Wealth gaps in Britain are now so large that a typical full-time employee saving all their earnings across their entire working life would still not be able to reach the top of the wealth ladder. The gap between the wealth of the average person and someone in the top 10% was 1m in 2006-08, but had widened to 1.3m in real terms by 2020-22, the foundation finds."
It would take the average full-time earner in the UK 52 years of earnings to match the wealth of the top 10% by 2020-22. In 2006-08 the equivalent gap was 38 years. The absolute wealth gap rose from about £1.0m to £1.3m in real terms across those periods. Wealth mobility in Britain is low, so those born wealthy tend to remain wealthy while others do not. The share of total wealth held by the richest households has been broadly stable since the 1980s even as total national wealth grew from roughly three times GDP to nearly 7.5 times. Passive gains from rising house prices and pension valuation changes since 2010 have mainly driven the widening, accruing to older, property-owning households and worsening the intergenerational wealth divide.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]