Latest news with #economicinequality
The Sun
22-05-2025
- Health
- The Sun
Britain's high streets turning into ‘ghosts towns' and are now overrun with vape shops and takeaways
BRITAIN'S high streets are turning into 'ghost towns', a report warns. The decline — which has sped up over the last decade — has seen assets such as banks, pharmacies, libraries and public loos vanish. 2 And many areas are now overrun by vape shops, bookies and takeaways. The change is most stark in deprived areas struggling with health and economic inequalities in the North, according to research by academics at Health Equity North. Professor Clare Bambra, from Newcastle University, said: 'You should be able to walk down a high street and feel the uniqueness, culture and identity of that community. 'Through innovative design, better public transport, and measures that promote people over cars, we can re-think these spaces so they become 'go-tos' rather than 'ghost towns'.' Her colleague Prof Adam Todd added: 'Our high streets feel like a shadow of themselves. "Protecting these spaces for the next generation isn't just about restoring them to some nostalgic vision of town centres past.' Since 2014, the number of takeaway shops has risen 24 per cent across England — 30 per cent in the most deprived areas. The amount of vape shops has risen 1,200 per cent in that time, while there are three times more bookies now in poorer places. Why are so many pubs and bars closing? 2
Yahoo
17-05-2025
- Business
- Yahoo
If Wealth Was Evenly Distributed Across America, How Much Money Would Every Person Have?
According to the Federal Reserve, U.S. households hold $160.35 trillion in combined wealth, which is the value of every American's assets minus their liabilities. Find Out: Try This: To say it's distributed unevenly is too much of an understatement to even qualify as an understatement. The bottom 50% of the country shares less than 3% of that enormous pie, while the most fortunate 10% gorge on nearly all of it. Here's a look at how much money each American would have if every person got an equal slice of the country's wealth. Next, find out what the economy might look like if net worth was capped at $1 billion. According to Google's Data Commons project, the U.S. is home to roughly 340.11 million people. If they divvied up the country's $160.35 trillion jackpot equally, each would have about $471,465. That's $942,930 per couple. If a couple had two kids, the four of them would be sitting pretty with $1.89 million. To most in the lower 50%, that probably sounds like a pretty sweet deal. To many in the monied class in the top half, however, a net worth of less than a half-million dollars might as well be a stint in the poorhouse. Learn More: Nearly one dollar in three is in the pockets of the top 1%, which owns $49.46 trillion, or 30.8% of America's combined wealth — but even the 1% has an aristocracy and an underclass. The heavyweights at the tippy-top of the pyramid in the top 0.1% — about 340,000 people — own $22.14 trillion, or 13.8% of America's bounty. That leaves the commoners of the 1% — the 99%-99.9% percentile group — to share $27.32 trillion, or 17% of America's fortune. Under that are those in the 90%-99% percentile group, who control $58.34 trillion, or 36.4% of the pie. Combined with the 1%, that puts almost exactly two-thirds of America's wealth in the bank accounts of the top 10%. Nearly all of the remaining third of America's wealth — 30.3%, or $48.54 trillion — goes to those in the 50%-90% percentile groups. That leaves just 2.5%, or $4.01 trillion, for the entire bottom 50% of the country to split. If they split it evenly, which they, of course, do not, that would give each of those 170 million people $23,588. For context, the 340,000 movers and shakers in the top 0.1% get about $65.12 million each — 2,760 times more. More From GOBankingRates Here's How Much Cars Made in the US Cost Compared to Mexico, Canada and China How Far $750K Plus Social Security Goes in Retirement in Every US Region 4 Grocery Items To Buy Now Before Tariffs Raise Prices This Summer 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance Sources United States Federal Reserve, 'Distribution of Household Wealth in the U.S. since 1989.' Data Commons, 'United States of America.' This article originally appeared on If Wealth Was Evenly Distributed Across America, How Much Money Would Every Person Have?
The Guardian
15-05-2025
- Business
- The Guardian
The Guardian view on Europe's growing wealth divide: back to the world of Balzac
In a recent study picked up in the French press, the academic Mélanie Plouviez cites one of her country's best-loved novelists to make a damning point. The power of inherited and unearned wealth in the France of 2025, she argues, replicates the social injustices found in Honoré de Balzac's 19th-century chronicles of ambition and despair. As in the 1820s, she writes, 'Who now could buy a place in Paris relying only on their wage and without family help? With the resurgence of inherited wealth, a gulf between what work allows and inheritance allows has also returned.' The problem is a sadly familiar one across Europe, and the same observation could be made of Britain, Germany or Italy. The economist Thomas Piketty has laid bare the extent to which booming stock markets and property prices have turbocharged asset wealth in western liberal democracies, at the expense of those reliant solely on a wage. Since the 1980s, regressive tax changes have empowered the wealthy to keep more of their money and pass more of it on to their sons and daughters. In advanced economies, the amount of inherited wealth has more or less doubled as a proportion of GDP, compared with the middle of the last century. The collapse of trust in politics can, in part, be attributed to this emergence of a two-tier society that offers only limited opportunities to the assetless young and undermines the basis of the social contract. France is at the sharp end of this loss of faith. On Wednesday evening, during a marathon primetime television interrogation, Emmanuel Macron was accused of having become a 'president for the rentier class'. Mr Macron, who made the reduction of taxes on wealth a priority of his first term, batted away the question with airy talk of promoting equal opportunities. Yet as the French president refuses to contemplate a more redistributive approach, his unpopular prime minister, François Bayrou, is seeking backing for an austerity budget that would impose €40bn in spending cuts. This, Mr Bayrou has blithely stated, 'will demand efforts from everybody, and given its scale, it cannot succeed unless the French people support it'. Across the Rhine in Germany, the new chancellor, Friedrich Merz, is pushing a similar message of collective sacrifice. Germans, Mr Merz said this week, must 'work more, and above all more efficiently' to get a stagnating economy back on track. Prof Plouviez's work is the latest to highlight why such exhortations to solidarity and hard work ring so hollow for so many. As populist parties surf on social discontent, governments are shamelessly echoing their rhetoric and approach towards immigration. But confronting the manner in which a self-reproducing wealth divide is corroding social bonds and undermining a politics of the common good remains taboo. Presidential elections in Romania and Poland this weekend are likely to showcase voters' deepening disillusionment with the political mainstream, and the continuing rise of the far right. As Balzac was writing the final volumes of his La Comédie Humaine in the 1840s, the future British prime minister Benjamin Disraeli published Sybil, his fictional indictment of the great wealth divide in Victorian England. Two centuries on, facing a darkening political horizon, Europe's current crop of leaders could usefully dust down a copy and learn from its insights before it is too late.
Telegraph
11-05-2025
- Business
- Telegraph
Could a wealth tax ever work in Britain?
With rising concerns about inequality and the ballooning cost of public services, the idea of introducing a UK wealth tax is back in the spotlight. Targeting the richest members of society, a wealth tax is applied to the total value of an individual's assets, such as property, investments and savings. While the UK doesn't currently have a 'wealth tax' specifically, people do already pay tax on these assets – through capital gains tax, dividend tax and savings tax. However, some argue that a separate levy could help fund vital services by requiring the very richest to contribute more. Here, Telegraph Money explains what a wealth tax is, how it works in other countries and what it might look like in the UK. What is wealth tax? Countries with a wealth tax How could wealth tax work in the UK? Benefits of wealth taxes Issues with wealth taxes What is wealth tax? A wealth tax is a tax levied on the total value of an individual's assets, rather than their income, according to Michaela Lamb, tax partner at chartered accountants, Gravita. She said: 'It typically applies to net wealth, including property, investments and other valuables above a certain threshold, less debt. It's usually done on an annual basis, where you have to declare the net value of your assets at the end of the year.' This type of tax is often proposed to reduce economic inequality by redistributing wealth from the richest individuals, helping to address the widening gap between the wealthy and the rest of society. Countries with wealth tax Were the UK to introduce a wealth tax, it would join a relatively long list of countries that already have this levy in place. These include: Spain – Spain's wealth tax is a progressive tax ranging from 0.2pc to 3.5pc on assets above €700,000 (£592,000), with rates varying depending on region. It also has a 'solidarity tax' ranging from 1.7pc to 3.5pc on wealth over €3m. Norway – Norway's wealth tax is charged at a rate of 1pc on wealth stocks exceeding NOK 1.7m or 1.1pc on net wealth exceeding NOK 20m. Switzerland – This is charged at the cantonal level and covers worldwide assets. Rates vary by canton. France – France abolished its net wealth tax in 2018 and introduced a real estate wealth tax. This applies to real estate assets valued at €1.3m or above and the tax ranges to 1.5pc. Italy – Italy levies two taxes on foreign assets held by Italian residents – one on real estate and one on foreign financial assets, such as stocks and bonds. Belgium – The solidarity wealth tax rate is 0.15pc on securities accounts that reach or exceed €1m. Argentina – Argentina's wealth tax rate ranges from 0.5pc to 1.1pc for 2025. Colombia – Colombia's wealth tax rate ranges from 0.5pc to 1.5pc for individuals whose net worth equals or exceeds 72,000 Tax Value Units (UVT).
Fast Company
08-05-2025
- Business
- Fast Company
Step in and act where the government won't
The Fast Company Impact Council is an invitation-only membership community of leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual dues for access to peer learning, thought leadership opportunities, events and more. It's been made clear in the past few months that the uncertainty we're facing as a country has impacted almost every level of society. And it's not lost on me that there is an overwhelming amount of pressure on our state leaders in the current political and economic environment. Unfortunately, I'm not confident that these leaders are using their power to tackle the deep-rooted issues that our country continues to face—like the growing wealth gap. In my home base of Albany, New York there are over 1,000 abandoned properties with the number of unhoused people rising 38% since 2022. Governor Hochul claims to have plans to reinvent New York City, the Finger Lakes and the Hudson Valley—recently announcing a $412 million proposal —but despite budget approvals, we've yet to see a concrete plan and timeline that will move the investment forward. Take it a step further. The wealth gap in America isn't just growing, it's accelerating. And the reality is, we can do something about this. According to the Peter G. Peterson Foundation, from 1981 to 2021, income for the top 20% of earners in the U.S. jumped 165%. For the middle and lowest earners? Just 33% and 38%. Why leaders should be frustrated I've grown tired of waiting for government leaders to step up and fight. I no longer expect sweeping reform from the top. So, I've focused on what I can do from the ground up. Four years ago, my wife Lisa and I started Business for Good in New York's Capital Region. Our mission is to close the wealth gap. We invest directly in communities: supporting small businesses, affordable housing, offering marketing and HR resources, mentoring entrepreneurs, and creating ecosystems that allow people to rise—and stay—out of poverty. It's working. But it's not enough. Not unless more of us get off the sidelines. That's why I'm calling on other leaders to join me in replicating the model that we've used for Business for Good. All it takes is simple, powerful steps that any business leader can follow to use their privilege for good. These are not theoretical—they work. And they're built on a belief that I hold deeply: Privilege can be shared, but only by those who have it. The courage to act is contagious. Here's where we start Change starts with one simple but powerful action: listening. We must be willing to actively hear from those who are directly impacted by the growing rise of uncertainty and inequity. Next, do your homework. Deepen your understanding of inequities and the impacts of rising uncertainty and systemic exclusion. Be courageous, as individual learning and growth is required to drive real change. Then, confront—and speak up. Acknowledge your own biases as well as share information and resources. If you have a platform, use it—your voice, your company, your community, social media, etc. Remember that if words matter, actions speak louder. We also need to partner with local government leaders and policy makers who are committed to dismantling barriers and fighting for each and every member of our communities. For us, at Business for Good, we work with local leaders in the Albany/New York Capital Region as part of our pilot program. Showing up matters. Leverage your privilege for good by sharing your opinion, engaging in activities that support belonging, starting a conversation, and connecting within your local community. Engagement is key. That means having hard conversations with colleagues, friends, and family. Be brave enough to speak up. We each have a role to play in breaking the silence and building awareness. Finally, invest. Real impact takes resources. Actionable ways to drive change At Business for Good, we've put our money where our mission is, fighting for our neighbors and communities. We've invested over $1 million to help create the Albany Black Chamber of Commerce—a hub for community leaders, entrepreneurs, and small businesses to thrive. We've supported a local community center focused on improving the lives of those in need from youngest to oldest. We're working with like-minded leaders in the private sector to tackle issues that our local government is not: housing and employment to name a few. Other leaders and cities can and should take this approach to replicate the progress we've seen in our community. I recently read a set of community values posted in Dubai. And while this was halfway across the world and it wasn't my own community, one message struck me: A successful society is one that lifts everyone up. Let's bring that idea home.
