Wealth in the twenty-first century: Inequalities and drivers
The UK is a wealthy nation; but that wealth is very unevenly divided. This report shows how these inequalities exist between individuals and families, between areas of the country, generations and genders, and between people from different ethnicities and class backgrounds.
Worryingly, while wealth inequality fell for much of the 20th century, it is now rising again, and is set to rise further. Between 2010-2012 and 2012-2014, over half of the increase in personal wealth went to the top 10 per cent of households. A political focus on income inequality alone has masked the true extent of inequality in the UK.
Underlying these concerns, the report’s key findings reveal stark inequalities of wealth and highlight the drivers causing them to rise.
This research shows that, if the UK is to build an economy where prosperity is underpinned by justice, we need better public understanding of the distribution of wealth and the drivers of inequality and a stronger commitment to redressing them. Without a change in policy direction, wealth inequality is expected to worsen, with acute and deepening divides in wealth between regions, generations, and households.