A discussion between Ian and Tim, a long-standing friend, about wealth distribution in the UK. The topic meanders its way through various taxes and benefits and concludes that the current system is wholly broken.
Who Owns England?
Income tax rates and allowances
National Insurance rates and allowances
Inheritance tax rates and allowances
Wealth in the UK
Hierarchy of Needs
The wealth calculation I referenced was £14tn total wealth divided by a population of around 70 million, which is around £200,000 average wealth per person, not the £280,000 I referenced in the talk, which was likely due to using somewhat different numbers. For a family of 4, that means they should have a combined wealth of some £800,000 if they have the average.
Table 2.14 of the ONS data shows, though, that individuals have a huge range of personal wealth, with 10% of the UK population having less than £20,000, another 14% having between £20,000 and £85,000, and a further 13% having more than £85,000 and less than £200,000. This means that 37% of individuals in the UK have less than the average wealth figure, some considerably so. Conversely, some 40% of the population is fortunate enough to individually own at least £500,000 of assets.
I misremembered Maslow’s Hierarchy of Needs as Markov’s Hierarchy of Needs. Correct link is posted above. A good summary diagram is available here: https://en.wikipedia.org/wiki/Maslow%27s_hierarchy_of_needs#/media/File:Maslow’s_Hierarchy_of_Needs2.svg