The UK’s wealth gap is among the widest in the world, according to new research, and the gap is particularly wide for the top 1 per cent.
The study, published by the Institute for Fiscal Studies (IFS), finds that the wealthiest 1 per and 1 per% of Britons have a net worth of almost £200,000, while the poorest 1 per of households have an average net worth that is £5,000.
It is also the case that wealth inequality in the United Kingdom has grown over the past 15 years, and is now the fifth largest in the OECD, behind the US, Japan, Canada and Australia.
What is wealth inequality?
Wealth inequality refers to the level of income inequality between the highest and lowest earners.
In the United States, the richest 1 per one per cent of households own more wealth than the bottom 99 per cent combined, according the US Census Bureau.
The gap between the richest and poorest is wider for people in the top and bottom quintiles.
The wealthiest 1 percent own a networth of £9.4 million, while that of the poorest one per set of ten households owns an average of just £2,700.
Wealth inequality has been increasing over the last decade, the report finds, and it is now more than double the level it was in 1980.
Inequality in the rich countries has increased at a faster rate than in the poor countries.
This is because the wealth of the rich tends to be concentrated in countries with high levels of inequality.
In Australia, for example, wealth inequality has grown faster than that of countries like the US and UK, the IFS report finds.
The UK is among those that are most unequal The research finds that wealth in the country has increased much more in the past decade than the average wealth of its poorer regions.
In 2015, the average household wealth in England was £6,000 and the average in Scotland was £5.8 million.
The IFS found that the richest one per household in England had an average wealth worth £23.3 million in 2015.
In Scotland, the wealthiest one per family had an estimated wealth of £5 million.
In Wales, the highest-earning quintile had the highest wealth, with an estimated net worth worth of £15.9 million.
“While this is more than in other rich countries, it is still a very large gap, with some 1 per per cent owning more wealth in Scotland than in England,” the report said.
It found that in the last 20 years, the gap between wealthy and poor in the countries where it was most prevalent widened, while it also increased.
In contrast, in the most unequal countries, such as the United Arab Emirates and Mauritius, wealth inequalities fell.
The inequality gap between rich and poor has increased in the US The gap in wealth inequality between rich countries and poor countries is widening the gap in income inequality in rich and low-income countries.
“Income inequality has increased over the 20th century and it has increased even more rapidly in recent decades.
For example, the share of income going to the top 0.1 per cent has increased from 11 per cent in 1979 to 22 per cent today, according a 2014 report from the US Congressional Budget Office (CBO).”
These results show that the growing income gap between affluent and poor groups has widened, and that inequality is not limited to a particular country, but is also increasingly shared across countries,” the IHS report said, adding that the UK’s increase in inequality in recent years has been “a reflection of inequality in other countries.
“The report said that in 2015, average income inequality for the UK was just over $60,000 for the richest 0.01 per cent, and over $75,000 in the poorest 0.001 per cent group.
In France, the poorest 10 per cent have an income of just over €2,000 a year, compared to just over £8,000 nationally.