Super-rich are getting richer

image_pdfimage_print

The Daily Mail 

 

The fact that someone can spend over a quarter of a million pound on a bottle of champagne while children are starving to death is absolutely preposterous. 

 Charles Shaker ( above centre), flaunted his wealth by buying a £330,000 bottle of champagne at a Monaco club.

I suppose most people including themselves would describe them as being flash cunts.

I would just describe them as being cunts.

Super-rich are getting richer: Number of workers earning more than £1million a year doubles in just two years

  • Many of 18,000 people earning more than £1million work in finance
  • Inequality increases as most of the country is still in a pay freeze
  • Over 1,000 people are worth more than £65million in record figures

By PAUL BENTLEY

PUBLISHED: 18:01, 2 June 2013 | UPDATED: 19:42, 2 June 2013

The dire state of the economy may have hit millions across the country, bringing down property prices and costing many hard-working people their jobs.

But with their yachts, mansions and £300,000 bottles of champagne, it seems life for the UK’s super-rich just gets better and better.

The number of people in the UK earning more than £1million a year has almost doubled in the past two years – showing that while the recession may have badly hit the majority, the richest have certainly bounced back.

Extravagant: Advisor to the super-wealthy, Charles Shaker (centre), flaunted his wealth by buying a £330,000 bottle of champagne at a Monaco club. Most of Britain's super-wealthy work in financeExtravagant: Advisor to the super-wealthy, Charles Shaker (centre), flaunted his wealth by buying a £330,000 bottle of champagne at a Monaco club. Most of Britain’s super-wealthy work in finance
Disparity: As the super-rich enjoy good fortune, most of the country is suffering from austere cutbacks. 2.5million people are unemployed in the UKDisparity: As the super-rich enjoy good fortune, most of the country is suffering from austere cutbacks. 2.5million people are unemployed in the UK

According to official tax figures, 18,000 people now earn salaries of at least £1million – the highest bracket recorded by HM Revenue & Customs.

Two years ago, just 10,000 were in this group and in 2000 as few as 4,000 people earned so much.

The very wealthiest, who have more than £65million to their name, excluding property, now count more than 1,000 members in their company.

Slightly further down the salary brackets, there has also been growth – with 5,000 more people earning between £500,000 and £1million a year this year compared to two years ago. 

An extra 31,000, meanwhile, earned between £200,000 to £500,000 and 7,000 more made between £150,000 and £200,000.

The figures suggest a huge disparity between the highest earning one per cent of people – many of whom work in finance – and the rest of society.

Last week, British financial advisor and private wealth manager Charles Shaker made headlines for spending £330,000 on a 30 litre bottle of Armand de Brignac champagne at the Monaco grand prix.

The banker was partying with Hollywood stars including Leonardo DiCaprio at the Billionaire Club Monaco, which has sweeping views over the luxurious resort of Monte Carlo, renowned for being a playground to the rich and famous.

 

According to an eyewitness, it took a procession of 12 staff to carry drinks for him through the club. 

Meanwhile, in traditional sectors, such as manufacturing and construction, salaries have fallen in recent years.

Reports predict that average annual household incomes in these groups will return to the 2008 level of £22,000 by 2023.

Sir Philip Green
Alan Sugar

Superwealthy: Retail mogul Sir Philip Green (left) is worth £3billion, making him one of the richest men in the UK. Sir Alan Sugar (right) has a net worth of £770million

Matthew Whittaker, senior economist at the Resolution Foundation, said the richest had bounced back since the financial crisis.

He told the Observer: ‘It is a continuation of a trend. Inequality grew massively during the 1980s in particular.

The top moved away from the middle, so we got more stretched as a society.

‘If you look from the mid-1990s onwards, you don’t see that anymore; there is a compression of inequality.

You have the minimum wage, so the bottom gained some ground on the middle and, for most people in the bottom three quarters or so, wage growth pretty much stalled from 2003.

No one moved away from anyone else. But hidden behind all that is a new phase of inequality, where the top 10 per cent – but more particularly the top 1 per cent – are moving away from the rest of society.’

Read more: http://www.dailymail.co.uk/news/article-2334751/Super-rich-getting-richer-Number-workers-earning-1million-year-doubles-just-years.html#ixzz2V5OX4pG0
Follow us: @MailOnline on Twitter | DailyMail on Facebook