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Income inequality has declined but wealth inequality is roaring ahead

By Nick Pearce   September 2004

The Office for National Statistics recently calculated that the UK’s national wealth now stands at £5.3 trillion. The Guardian reported that Britain was therefore worth just 211 times the personal wealth of Bill Gates. The fact that a rich country, with a population of 60m, can be worth only 211 times more than a single individual is testament to staggering inequality in the ownership of global wealth. In the past, the case would have been made for socialising Bill Gates’s assets. But with that idea discredited by the failures of state control, people on the left have turned to how…

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