- Capitalism and Alternatives -

The concentration of wealth?

Posted by: Gee ( si ) on October 11, 1999 at 13:05:56:

From the Uk indeed!

"UK's rich are growing but getting poorer -report

LONDON, Oct 11 - The number of British millionnaires is rising but they are all getting a little poorer, a report from data analyst DataMonitor said on Monday.

And because of the impact of information technology, the profile of Britain's rich is drastically changing from inheritors of "old money" to young entrepreneurs.

Over the last six years, the number of millionnaires rose at an annual rate of 39 percent to reach 47,300 in 1998, the report said.

But despite the rapid rise, real average total wealth had dropped from 7.8 million pounds ($12.90 million) to 4.0 million between 1992 and 1998.

"The 1998 mega net worth have made their money through business and are sophisticated in terms of risk, business and technology," Datamonitor analyst Christine Wood said in a statement.

A report in the Sunday Times last weekend revealed that Britain's top 100 Internet millionaires had amassed a fortune worth four billion pounds, mostly in the last four years. "

Well, its just another set of data from a reasonably reliable source. Just like all those ones showning that the rich get richer and that wealth is becoming concentrated in the few.


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