By
Luke Garratt
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Five super-rich families in Britain own more money than the poorest 12 million people in the country combined, according to new research.
The research confirms the gap between rich and poor has gotten so wide that even when combined together the bottom fifth of the population cannot match the wealth of the richest in the country.
The new figures published by Oxfam reveal that you can count on one hand the households with more wealth than the most deprived 12.6 million Britons, which is nearly the same number as those living below the poverty line.
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Newcastle United’s owner Mike Ashley, worth £3.31 billion (left) and Earl Cadogan worth £4.16 billion (right)
The top five richest are the Duke of Westminster who is worth £7.83 billion, businessmen brothers David and Simon Reuben worth £6.93bn, the Hinduja brothers worth £6.03bn, Earl Cadogan is worth £4.16bn and Newcastle United owner Mike Ashley worth £3.31bn.
These families have a combined wealth of £28.2 billion and the poorest fifth of the UK population only account for £28.1 billion.
Over the past 20 years the wealthiest 0.1 percent have seen their income expand almost four times faster than 90 per cent of the least well off.
The Duke of Westminster, who is worth £7.83billion
A wealthy elite has seen their income grow by at least £24,000 a year, enough to buy a small yacht or a sports car, while the poorest nine in ten’s income has only gone up by just a few pounds a week, with the average UK salary holding at £26,500 a year.
Oxfam’s director of campaigns and policy Ben Phillips said: ‘Britain is becoming a deeply divided nation, with a wealthy elite who are seeing their incomes spiral up, whilst millions of families are struggling to make ends meet.
‘It is deeply worrying these extreme levels of wealth inequality exist in Britain today, where just a handful of people have more money than millions struggling to survive on the breadline.’
Growing numbers are turning to charity run foodbanks at a time when the highest earners have had the biggest tax cuts of any country in the world.
To tackle this the charity urged Chancellor George Osborne to target those who can pay, by clamping down on companies and individuals who avoid paying their share of tax.
They also implored that he set out a long term strategy to raise the minimum wage to a living wage, so that many on the poverty line struggling to live can survive.
The Hinduja brothers, who are worth £6.03 billion
However, a further £12 billion in welfare cuts has still to be implemented, while political pressure constantly mounts to offer increased tax cuts for the more well off at the next election.
Mr Phillips said: ‘Increasing inequality is a sign of economic failure rather than success.
‘It is far from inevitable – a result of political choices that can be reversed. It is time for our leaders to stand up and be counted on this issue..’
The pattern of a rapidly increasing wealth gap between rich and poor is not limited to the UK, and can be seen in most countries across the globe.
An Oxfam report published ahead of this year’s World Economic Forum in Davos, Working For the Few, revealed the richest 85 people on the planet own the same amount between them as half the world’s population – 3.5 billion people.
David Reuben (left) and Simon Reuben (right) who together are worth abound £6.93 billion
It warned extreme inequality is creating a vicious circle where wealth concentrated in the hands of a few is used to buy political influence which is used to rig the rules in favour of a small elite and perpetuate inequality.
It said extreme inequality like this is to the detriment of social mobility and is also increasingly understood to undermine both the pace and sustainability of economic growth.
Mr Phillips said: ‘While many rich people use a portion of their wealth to support individual good causes, this should not be used as an excuse for governments failing to tackle the problem of growing inequality.’
Comments (647)
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Carol,
Buckingham, United Kingdom,
moments ago
The world is run (and owned) by 13 top elite families – they all manipulate ordinary people in effect we are their slaves making them richer while we get poorer and more dependent on these elitists or shall we call them the Illuminate? They call us Sheople.
Carol,
Buckingham, United Kingdom,
moments ago
The world is run (and owned) by 13 top elite families – they all manipulate ordinary people in effect we are their slaves making them richer while we get poorer and more dependent on these elitists or shall we call them the Illuminate? They call us Sheeple.
Bubbles,
UK,
moments ago
I was thinking the other day when someone mentioned that slavery still existed. How true, we’re just getting paid a pittance for it that’s all while the rich get richer.
MRS MAGOO,
CHESTER, United Kingdom,
moments ago
YEAH ..and the good old duke of westminster grafted hard for all his wealth didnt he ? NOT !
I have no objection to people who are wealthy and earned it !
Karen,
Lyon,
moments ago
Well, let’s just hope the rich don’t leave the country as they are doing in France. Better to get some tax on £28.2 billion than zero!
Catherine,
Edinburgh,
moments ago
This smacks of envy and a manipulation of statistics. You could also add the winners of eye watering lottery wins to the extremes of wealth, or the extremely well remunerated footballers and celebrities to extrapolate other examples of inequality. At the other end of the scale however we have the usual victims. Not hardworking people of modest or average wages responsibly trying to meet their outgoings whilst leaving a modest amount for luxuries and treats, but those whose benefits have been cut and who use food banks to ensure they can booze away their unearned, taxpayer funded lifestyles and who are living below an arbitrary ‘poverty line’. I would have more respect for Oxfam if they supported the average working man and woman rather than those they deem to be ‘poor’.
Stafford,
Brighton, United Kingdom,
5 minutes ago
One might have thought that the bottom 12 million would actually be in debt, so trust that the statistics have been carefully compiled.
Professional,
Cardiff, United Kingdom,
6 minutes ago
Good for them, they still live in this country probably still pay a few taxes here. There are many many more trillionaires ripping this country off domiciled in countries that don’t ask questions or charge lots of tax. Support War On Want.
phealy,
Huddersfield, United Kingdom,
6 minutes ago
“£24,000 a year, enough to buy a small yacht” …Oh really DM – where from…ALDI !? lol
The poorest own nothing. Zero times a lot = yep, still zero.
big LD,
London, United States,
8 minutes ago
Everyone without a title came from nothing and made it happen. Why do we shoot down success constantly? In the US they actually tell their kids “you could be president”, we know that might sound silly but they aim for the top in everything, here were a half empty attitude for most things. Well at least I got a B, at least we came 6th, at least we got the silver – I can keep going. People who work hard, task risks and a ton of luck can make a ton of money and if you don’t sell property for 15 yrs you will become super rich. We need more billionaires to make things go round. The Earl’s Dukes could be you or I, just completely random
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Just five super-wealthy families own more than the poorest 12 MILLION Britons put together
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