UK rich-poor gap growing

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A new analysis has revealed that UK’S richest 20 percent have more than one hundred times the wealth of the poorest 20 percent with the combined household wealth of £9.1 trillion remaining for the most part in the hands of the elite.

The report is based on a new analysis from Lloyds Bank Private Banking. g that if the combined household wealth was evenly distributed, each family in Britain would have an annual income of £326,414.

But in spite of a rise in household wealth of more than £216,000 in the past 10 years, the increased prosperity appears to remain in the hands of “a growing number of older households,” according to Markus Stadlmann, chief investment officer of Lloyds Bank Private Banking.

“Currently the problem is that people are now beginning to realize that there’s not only a big disparity in income which is what we get every year, but there are huge differences in wealth distribution. So people with wealth in the UK, the top 20 percent, have a very significant share of the wealth and then the bottom 20 percent has a very small share of the wealth,” London-based Professor of International Economics and Finance at City University Keith Pilbeam told  Press TV.–