Wealth inequality in the UK has been rising for the last 10 years and is set to continue growing over the next decade, with young people particularly hard hit, according to a new report published by the Institute for Public Policy Research (IPPR). New YouGov polling for the report shows that the public are deeply pessimistic about the future, and believe the government should do more to counter wealth inequality.
The report, commissioned by Channel 5 to mark the launch of the second series of Rich House, Poor House, finds that the wealthiest 10 per cent of households have five times the wealth of the bottom 50 per cent. Half of households in Britain now have just an average of just £3,200 in net property, pension and financial wealth, while the top 10 per cent hold an average of £1.32 million. The report shows that every generation since the post-war ‘baby boomers’ has accumulated less wealth than the generation before them had at the same age, with people born in the 1980s having just a third of the property wealth at age 28 of those born in the 1970s.