Wealth Gaps in Britain
Britain's significant wealth disparities imply that a typical worker would need to save more than a lifetime's worth of earnings to become wealthy.
According to new research from the Resolution Foundation, it would take 52 years' worth of typical earnings, totaling £1.3 million, to transition from the middle to the top of the wealth distribution.
The report finds that Britain's stock of wealth continued to grow during the pandemic, reaching a new record high of 7.5 times GDP.
- The wealth gap has increased, with it taking 38 years' worth of median full-time earnings to move from the 5th to the 10th decile in 2006-08.
- Relative wealth inequality remains high, with absolute wealth gaps between rich and poor families growing sharply.
Author's summary: Britain's wealth gaps have grown significantly.