Super-rich on rise as number of £1m-plus earners doubles
The number of taxpayers earning more than £1m a year has almost doubled in the past two years, prompting economists to claim that the highest-earning section of the population has bounced back from the financial crash.
Official figures reveal that 18,000 people now earn at least £1m – the highest number recorded by HM Revenue & Customs. In 2010-11, 10,000 earned more than £1m, and in 1999-2000 there were only 4,000 earning such a salary.
There is also growth further down the salary brackets, with 5,000 more earning £500,000 to £1m in 2012-13 compared with 2010-11, an extra 31,000 earning £200,000 to £500,000, and 7,000 more earning £150,000 to £200,000.
The figures will increase concerns that the trends of the 1990s and early 2000s are continuing, with a growing disparity between the top-earning 1%, many of whom work in finance, and the rest of the workforce. In sectors such as manufacturing, construction and hospitality salaries have been squeezed in recent years. A recent report showed that if low to middle earnings were to rise by the 1.1% a year above inflation achieved in the past, average annual household incomes in this group would take until 2023 to reach £22,000 – the equivalent of where they stood in 2008.
full: http://www.guardian.co.uk/politics/2013/jun/01/top-earners-millionaires-inequality-city-finance
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Funny how just as we lose even more wealth and power, some among us want to reduce our strength, somehow trusting the elements that will be served by our losing the power!
Wow!
