Thomas Paine

Thomas Paine
"These are the times that try men's souls. The summer soldier and the sunshine patriot will, in this crisis, shrink from the service of their country; but he that stands by it now, deserves the love and thanks of man and woman."

Tuesday, 22 November 2016

Brexit vote wiped $1.5tn off UK household wealth in 2016, says report

From the Guardian - Oxfam criticises rising inequality as Credit Suisse finds top 1% of richest Britons own 24% of nation’s assets

"The UK saw $1.5tn (£1.2tn) wiped off its wealth during 2016 after the Brexit vote sent the pound tumbling and the stock market into reverse, according to a survey by Credit Suisse.

A fall in values at the top-end of the property market also contributed to about 400,000 Britons losing their status as dollar millionaires and one of the biggest drops in wealth among the major economies.

But the UK remained third for the number of ultra-high-net-worth individuals, who own more than £50m in assets, behind the US and China. And the UK’s top 1% of richest people also continued to own 24% of the nation’s wealth, the report said.

Across the globe, the richest 1% own more wealth than the rest of the world put together, continuing the dominance seen in last year’s report. A recovering in the global stock markets in recent weeks is also likely to reverse some of the losses suffered by pension savers and wealthy individuals.

Oxfam said the huge gap between rich and poor was “undermining economies, destabilising societies and holding back the fight against poverty”.

The full article can be read here.

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