Richest six people in UK own as much wealth as bottom 13 million, report finds
Billionaires in the UK have collectively more than doubled their wealth over the last decade while average wages have flatlined
The UK’s six richest people are wealthier than the bottom 13.2 million people, according to new research highlighting a widening gulf between rich and poor.
Six billionaires have a combined wealth estimated at £39.4bn, while four million people live in poverty, the Equality Trust found.
Topping the rich list are Gopichand and Srichand Hinduja, whose £12.8bn wealth is derived from their conglomerate, which includes oil, car making and banks.
Just behind them is Sir Jim Ratcliffe, the founder of fracking and petrochemicals firm Ineos, who moved to tax-free Monaco earlier this year. He has £9.4bn, according to Forbes.
Hedge fund manager Michael Platt has £6.1bn and Conservative party donors Simon and David Reuben have accumulated an estimated £5.8bn each. The six men's collective wealth is equivalent to that of the least-wealthy fifth of the UK population.
General election: Facts and figures
General election: Facts and figures
1/79 General election 2019 opinion polls
2/79 Estimated declaration time
3/79 'Big beasts' at risk
4/79 Smallest majorities at 2017 general election
5/79 Turnout at UK general elections
6/79 General election 2019 poll of polls
7/79 Vote shares at general elections since 1945
8/79 Seats to watch in North-west England
9/79 Women MPs at UK general elections
10/79 General election 2019 leaders' visits - Boris Johnson and Jeremy Corbyn
11/79 Boris Johnson's campaign visits so far
12/79 Jeremy Corbyn's campaign visits so far
13/79 Pound v dollar
14/79 General election 2019 opinion polls in Wales
15/79 Seats to watch in London
16/79 Seats to watch in Wales
17/79 Seats to watch in Eastern England
18/79 General election 2019 leaders' visits so far
19/79 Seats to watch in south-east England
20/79 General election 2019 leaders' visits
21/79 Historic Labour seats at risk
22/79 Opinion polls (one week to go) v election result 2017
23/79 General election 2019 polls in Scotland
24/79 Opinion polls (one week to go) v election result 2015
25/79 Seats to watch in West Midlands
26/79 Bellwether seats
27/79 Conservative top targets
28/79 General election 2019 polls in London
29/79 Leaders' approval ratings, July-December
30/79 Seats to watch in Yorkshire
31/79 General election 2019 timetable
32/79 Labour top targets
33/79 Seats to watch in north-east England
34/79 When parliamentary seats last changed hands
35/79 Seats to watch in the East Midlands
36/79 Seats to watch in south-west England
37/79 Planned increase in day-to-day departmental spending
38/79 Corporation tax rates
39/79 Opinion polls (two weeks to go) v election result 2017
40/79 Opinion polls (two weeks to go) v election result 2015
41/79
42/79 Applications to register to vote
43/79 How many women MPs could there be after the election?
44/79 General election 2019 opinion polls in Wales
45/79 A comparison of the length of the manifestos of the main parties
46/79 Mentions of key words in the main party manifestos
47/79 Mentions of key words in the main party manifestos
48/79 Leaders' approval ratings, July-November
49/79 Council houses built in the UK 1951-2018
50/79 Council houses built in the UK
51/79 Opinion polls (three weeks to go) v election result 2015
52/79 Opinion polls (three weeks to go) v election result 2017
53/79 General election 2019 target seats
54/79 Lib Dem targets
55/79 SNP targets
56/79 Plaid Cymru targets
57/79 Prime ministers with shortest time in office
58/79 Applications to register to vote
59/79 Major toll roads & bridges in Great Britain
60/79 Police workforce in England and Wales
61/79 Police officers in England and Wales
62/79 Police-recorded homicides in England and Wales
63/79 Knife crime offences recorded by police in England and Wales
64/79 Opinion polls in 2019
65/79 Number of candidates per seat
66/79 Candidates standing in the 2019 General Election
67/79 Candidates at UK general elections since 1979
68/79 Women candidates at the 2019 General Election
69/79 Prime ministers with smallest constituency majorities to defend
70/79 Cost of administering polls since 2010
71/79 People's Vote group priority list of recommended candidates in key target seats
72/79 MPs retiring from the House of Commons at general elections
73/79 Lib Dems/Plaid Cymru/Green pact in Wales
74/79 Lib Dems/Green pact in England, seats where Greens have stood down in favour of Lib Dems
75/79 Lib Dems/Green pact in England
76/79 Nationality of NHS workforce in England
77/79 Proportion of NHS workforce in England who are not UK nationals
78/79 Long-term net migration to the UK
79/79 Shortest parliamentary sessions since First World War
1/79 General election 2019 opinion polls
2/79 Estimated declaration time
3/79 'Big beasts' at risk
4/79 Smallest majorities at 2017 general election
5/79 Turnout at UK general elections
6/79 General election 2019 poll of polls
7/79 Vote shares at general elections since 1945
8/79 Seats to watch in North-west England
9/79 Women MPs at UK general elections
10/79 General election 2019 leaders' visits - Boris Johnson and Jeremy Corbyn
11/79 Boris Johnson's campaign visits so far
12/79 Jeremy Corbyn's campaign visits so far
13/79 Pound v dollar
14/79 General election 2019 opinion polls in Wales
15/79 Seats to watch in London
16/79 Seats to watch in Wales
17/79 Seats to watch in Eastern England
18/79 General election 2019 leaders' visits so far
19/79 Seats to watch in south-east England
20/79 General election 2019 leaders' visits
21/79 Historic Labour seats at risk
22/79 Opinion polls (one week to go) v election result 2017
23/79 General election 2019 polls in Scotland
24/79 Opinion polls (one week to go) v election result 2015
25/79 Seats to watch in West Midlands
26/79 Bellwether seats
27/79 Conservative top targets
28/79 General election 2019 polls in London
29/79 Leaders' approval ratings, July-December
30/79 Seats to watch in Yorkshire
31/79 General election 2019 timetable
32/79 Labour top targets
33/79 Seats to watch in north-east England
34/79 When parliamentary seats last changed hands
35/79 Seats to watch in the East Midlands
36/79 Seats to watch in south-west England
37/79 Planned increase in day-to-day departmental spending
38/79 Corporation tax rates
39/79 Opinion polls (two weeks to go) v election result 2017
40/79 Opinion polls (two weeks to go) v election result 2015
41/79
42/79 Applications to register to vote
43/79 How many women MPs could there be after the election?
44/79 General election 2019 opinion polls in Wales
45/79 A comparison of the length of the manifestos of the main parties
46/79 Mentions of key words in the main party manifestos
47/79 Mentions of key words in the main party manifestos
48/79 Leaders' approval ratings, July-November
49/79 Council houses built in the UK 1951-2018
50/79 Council houses built in the UK
51/79 Opinion polls (three weeks to go) v election result 2015
52/79 Opinion polls (three weeks to go) v election result 2017
53/79 General election 2019 target seats
54/79 Lib Dem targets
55/79 SNP targets
56/79 Plaid Cymru targets
57/79 Prime ministers with shortest time in office
58/79 Applications to register to vote
59/79 Major toll roads & bridges in Great Britain
60/79 Police workforce in England and Wales
61/79 Police officers in England and Wales
62/79 Police-recorded homicides in England and Wales
63/79 Knife crime offences recorded by police in England and Wales
64/79 Opinion polls in 2019
65/79 Number of candidates per seat
66/79 Candidates standing in the 2019 General Election
67/79 Candidates at UK general elections since 1979
68/79 Women candidates at the 2019 General Election
69/79 Prime ministers with smallest constituency majorities to defend
70/79 Cost of administering polls since 2010
71/79 People's Vote group priority list of recommended candidates in key target seats
72/79 MPs retiring from the House of Commons at general elections
73/79 Lib Dems/Plaid Cymru/Green pact in Wales
74/79 Lib Dems/Green pact in England, seats where Greens have stood down in favour of Lib Dems
75/79 Lib Dems/Green pact in England
76/79 Nationality of NHS workforce in England
77/79 Proportion of NHS workforce in England who are not UK nationals
78/79 Long-term net migration to the UK
79/79 Shortest parliamentary sessions since First World War
Over the last decade, billionaires in the UK have collectively more than doubled their wealth, the Equality Trust's figures show.
“Such extreme wealth in the hands of so few people demonstrates just how broken the economic system is,” said Dr Wanda Wyporska, executive director of the Equality Trust.
“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 UK’s economy delivers billions for a few and poverty for millions. Destitution is the sad reality for millions this Christmas."
Average wealth per person in the UK has risen every year since 2008 and is now 41 per cent above its 2007 level, but the spoils have not been divided evenly.
Credit Suisse found that the number of dollar millionaires in the UK has jumped from 750,000 in 2010 to 2.5 million this year, a number that is expected to jump by almost 30 per cent over the next five years. Based on data in Credit Suisse's World Wealth Report, the Equality Trust calculates that the richest 1 per cent in the UK owns the same wealth as the bottom 80 per cent, or 53.2 million people.
Such comparisons have sometimes been criticised in the past because they define some people with debts as having zero or negative wealth, when they may actually be living relatively comfortably. The latest official figures estimate that a household in the middle of the bottom fifth of the population owns £13,854.
What is not disputed is that wealth has risen sharply over the past decade as those with assets such as shares and investment property have enjoyed rising prices. Over the same period, rewards for work have not kept up. Average inflation-adjusted wages have still not recovered to their pre-crisis peak in 2007 – the longest wage stagnation in two centuries.
Welfare cuts and tax changes since the Conservative-led coalition came to power in 2010 have hurt the poorest the most.
By far the worst affected have been the poorest 10 per cent of households with children, who have seen their incomes cut by almost a fifth – £3,800 per year, research published last week by the Institute for Fiscal Studies shows. Overall, households in the lowest tenth – with or without children – have seen their budgets cut by 7 per cent.
The highest-income decile also pay 4 per cent more of their income as tax, the IFS found. That group, however, which has more savings, investments and property, is also most likely to have benefited from rising wealth.
Inequality has become an important issue in the election, with the Labour Party pointing out that a third of the UK's billionaires have donated to the Conservatives.
The Resolution Foundation warned last week that child poverty will rise to its highest since the aftermath of the Second World War under the Conservatives, because the party's manifesto retains existing benefit cuts.
Comments
Share your thoughts and debate the big issues
Please be respectful when making a comment and adhere to our Community Guidelines.
You can find our Community Guidelines in full here.
- -1) ? 'active' : ''">
Newest first
- -1) ? 'active' : ''">
Oldest first
- -1) ? 'active' : ''">
Most liked
{{/moreThanOne}}Please be respectful when making a comment and adhere to our Community Guidelines.
You can find our Community Guidelines in full here.
- -1) ? 'active' : ''">
Newest first
- -1) ? 'active' : ''">
Oldest first
- -1) ? 'active' : ''">
Most liked
{{/moreThanOne_p}}Follow comments
Vote
Report Comment
Subscribe to Independent Premium to debate the big issues
Want to discuss real-world problems, be involved in the most engaging discussions and hear from the journalists? Start your Independent Premium subscription today.
Already registered? Log inReport Comment
Delete Comment
About The Independent commenting
Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. Our journalists will try to respond by joining the threads when they can to create a true meeting of independent Premium. The most insightful comments on all subjects will be published daily in dedicated articles. You can also choose to be emailed when someone replies to your comment.
The existing Open Comments threads will continue to exist for those who do not subscribe to Independent Premium. Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. Please continue to respect all commenters and create constructive debates.