Study Claims Wealth Of Six Richest Britons Same A Poorest 13m

According to a new research into the increasing wealth inequality in the British society, the total wealth that is owned by the poorest 13 million is the same as that held by the six richest people in the United Kingdom.

A combined wealth of £39.4bn is owned by six individuals who are the six richest people in the UK which is almost equal to the assets owned by 13.2 million Britons, found a report from the Equality Trust.

The report has also identified the six richest people of the country and their wealth. The list includes the Indian brothers Gopichand and Srichand Hinduja, who are the owners of a conglomerate of businesses that include cars and banks and are the richest in the country with a total personal wealth of £12.8bn. The list also includes Sir Jim Ratcliffe, the chairman and chief executive of the chemicals company Ineos, who owns a fortune worth £9.2bnm and Michael Platt, the hedge fund manager who has an estimated £6.1bn.  The other members are David and Simon Reuben, the property developer brothers who have a total wealth of about £5.7bn each.

The list has been prepared on the basis of reports that were published by Forbes magazine and Credit Suisse.

According to the estimates of the Equality Trust, on the other end of the spectrum are about 14m people in the country who live in property Four million of these are said to be more than 50% below the poverty line and 1.5 million are destitute.

“This report should shock anyone who cares about the state of the UK today,” said Dr Wanda Wyporska, the executive director of the Equality Trust. “Such a huge gap between the very rich and the vast majority of the country is dangerous. Such extreme wealth in the hands of so few people demonstrates just how broken the economic system is.

“Behind the numbers, the UK’s extreme inequality is the story of Ferraris and food banks. Families across the country are working for their poverty and unable to promise their children a better, secure future. The rich live longer and their children get the best education, the best jobs and a leg up on the housing ladder. The UK’s economy delivers billions for a few and poverty for millions. Destitution is the sad reality for millions this Christmas.”

In the general election campaigning in the country, one of the major issues that has cropped up is tackling inequality. The Labour leader, Jeremy Corbyn, has pledged the super rich would be targeted if a Labour government is formed because those people exploit a “rigged system” to their benefit while a large section of people suffer because of that.

(Adapted from TheGuardian.com)



Categories: Creativity, Economy & Finance, Regulations & Legal, Strategy, Sustainability, Uncategorized

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