Too much has been taken away by the richest few – it’s time to share in the wealth we have created together.
The wealthiest few take too much away, leave the rest of us struggling, underfund our public services, and deprive us of the tools we need to fight climate breakdown. Here are eight reasons to rebalance the economy and share the wealth we create together.
1. While many of us struggle, top incomes continue to soar
In 2022, FTSE 100 CEOs are paid 118 times the median salary.
source: guardian, PricewaterhouseCoopers, Office for National StatisticsNEF calculation
Based on full-time median wages of £31,285 in 2021 and £33,000 in 2022.
2. Wealth inequality is also rising
Over the past decade, the wealth of the richest 10 percent of households has grown 574 times faster than that of the poorest 10 percent.
source: Office for National StatisticsNEF calculation
Including net property wealth, wealth in kind, private pension wealth, net financial wealth.
3. The richest 10% own more than half of Britain’s wealth
The richest 1% own nearly a quarter of all wealth.
resource: Resolution Foundation
Includes net property wealth, wealth in kind, private pension wealth, net financial wealth and business assets.
4. Those with extreme wealth continue to thrive amid a decade of austerity, pandemics and flat wages
In 2022, there will be 177 billionaires in the UK – up from 29 in 2010 – with a combined wealth of £653bn.
resource: Sunday Times Rich List
5. Britain’s billionaires can afford to fund vital public infrastructure multiple times
source: Sunday Times Rich List, JRF, energy fund, sirus, Financial Times, Df, guardian
6. Most of us wouldn’t be able to join the richest 10% even if we were born working and saving every penny
resource: Resolution Foundation
7. Our economy rewards what people own and control — from landlords to hedge fund managers — not what they do
Real estate and finance are the top sources of wealth for the ultra-rich.
resource: Sunday Times Rich List
8. The pursuit of economic growth will not solve these problems
Real GDP growth does not necessarily push most people to higher real wages.
resource: energy fund, Financial Times
But the good news is…
There are many ways we can more equitably distribute the wealth we create so that everyone has the opportunity to live healthy, prosperous and worthwhile lives. These include:
- Increase taxes on the wealthiest, especially taxing unearned wealth.
- Promote more democratic forms of ownership, such as Cooperatives and public servicesand Increase the bargaining power of workers.
- change the rules of the economy Limit profiteering, private monopolies, and enrichment from unearned wealth.
Too much has been taken away by the richest few – it’s time to share in the wealth we have created together.
Photo: iStock
