British Elites Double Their Net Worth in Just 10 Years

Every April, the British newspaper known as The Sunday Times releases their annual list of the wealthiest people and families in the United Kingdom. This year was no different than any other for the most part, in that some dynasties rose in value as others fell somewhat. But if you only skimmed the top 10 of this list, which usually consists of people worth between ₤3 billion and ₤20 billion, you’ll be overlooking a very shocking detail. The list actually includes the top 1,000 wealthiest residents of the United Kingdom, and when you add up their total wealth, it amounts to £547 billion.

So why is that number so shocking? Because it has more than doubled over the past 10 years. To be included in the list you would have to be worth £100 million, which is up £15 million from last year. Although the trend appears to have been in the works for even longer. In 1997, you would’ve only needed £15 million to make the top 1000. Much like the United States, wealth inequality been a growing concern in the UK, where the top 1% own as much wealth as the bottom 55%. Although their wealth disparity is rising significantly faster than it is in the US, where the number of millionaires increased by 30% in 2014 compared to America’s 13%. In fact “wealth inequality has risen four times faster in the seven years after the crash (2007/08) compared with the seven years before.”

I guess what they say is true. The rich really do get richer. At least, in this phony economy they do. So much for European socialism, am I right?