Far less. In the UK half of all wealth is owned by the top 10% but there is very little concentration in the top 1% compared with the USA and other nations like Italy, Russia and China. Also, the degree of wealth inequality has mostly remained consistent for the last 10-15 years.
Another factor to consider is that for the top 10% (which in the UK you are in if you earn more than £52,000) hold around 50% of their wealth in pensions (which are taxed) and around 32% in properties on average.
I still do believe that there is a better balance to be found with tax and wealth, but I’m less convinced that the answer is solely based on going after a 0.1% of wealthy.
Far less. In the UK half of all wealth is owned by the top 10% but there is very little concentration in the top 1% compared with the USA and other nations like Italy, Russia and China. Also, the degree of wealth inequality has mostly remained consistent for the last 10-15 years.
Another factor to consider is that for the top 10% (which in the UK you are in if you earn more than £52,000) hold around 50% of their wealth in pensions (which are taxed) and around 32% in properties on average.
Have a look at ONS data to back up what I’ve said. https://www.ons.gov.uk/visualisations/dvc1727/Fig2/datadownload.xlsx
I still do believe that there is a better balance to be found with tax and wealth, but I’m less convinced that the answer is solely based on going after a 0.1% of wealthy.