Last year’s wealth increase for the 100 richest[1] people in Britain would pay for over 1.75 million[2] Living Wage jobs for a year, according to new analysis from The Equality Trust. This would slash unemployment by three-quarters at a stroke[3].
Despite real wages stagnating and living standards falling for many households, the 100 richest people in Britain saw their wealth increase by a staggering £25 billion last year, to a total of £257 billion. This £25 billion is the equivalent of £807 received every second.
Equality Trust research also found:
- If £25 billion was redistributed evenly throughout Britain it would mean an extra £403 for every man, woman and child.
- The wealth of the richest 100 people is equivalent to the poorest 30%[4] of people in Britain, or around 18,900,000[5] individuals.
- From 2012-2013 the richest 100 people saw their wealth increase by 11%.
- Living standards continue to fall for most people on low or middle incomes. New research shows the main reason for this is growing wage inequality[6].
Notes – The Equality Trust is an organisation that campaigns against excessive economic inequality.
[1] http://www.thesundaytimes.co.uk/sto/public/richlist/
[2] Based on Living Wage workers working a 37.5hr week, with zero pay for bank holidays
[3] Today’s figures show unemployment at 2.34 million – http://www.ons.gov.uk/ons/rel/lms/labour-market-statistics/february-2014/sty-employment.html
[4] http://www.ons.gov.uk/ons/dcp171776_289407.pdf
[5] http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Population
[6] http://www.resolutionfoundation.org/media/media/downloads/The-State-of-Living-Standards-ResolutionFoundation-Audit2014.pdf – page 11