Ultra-rich rake it in while party leaders plan "austerity" for the rest of us

Submitted by martin on 28 April, 2010 - 10:34 Author: Martin Thomas

"The collective wealth of the 1,000 multimillionaires in the 2010 Sunday Times Rich List has climbed to £335.5 billion, up £77.265 billion on 2009... a 29.9% increase", reported the Sunday Times on 25 April.

At the same time as all the main parties, in different tones, are saying that huge cuts in public services are painful but necessary, the ultra-rich are making good any losses they suffered in 2008-9 and roaring ahead.

During the long semi-boom from the early 1990s to 2007, many people may have shrugged at the spiralling fortunes of the ultra-wealthy and thought there was no point complaining so long as they could inch forward themselves.

In 2008 or even 2009, many workers may have felt that everyone was suffering in the economic crisis and that it made sense to take a bit of the pain.

Now, for the time being anyway, the crisis is over for the rich. How will working-class people react to having benefits cut, public-service wages squeezed, and services slashed, while the plutocrats prosper?

The Sunday Times reports: "The first decade of new Labour was a golden age for the rich in Britain. When the Blair administration came to power in 1997, the wealth of the then richest 1,000 stood at £98.99 billion. By 2008, it had risen to nearly £413 billion. After a savage bust in 2009 it is clearly heading northwards again rapidly. This year’s £335.5 billion is nearly 239% higher than in 1997...

"Last year we could muster just 43 billionaires. This year it is 53. The wealthiest are also commanding a bigger share of the cake: last year our top 100 were worth just over £131 billion, or 50.8% of the total fortune of the Rich List 1,000. This year, the 100 are worth £182.8 billion, nearly 54.5% of the total.

"Strong gains have also been recorded by the world and European rich. The wealthiest 50 in the world are worth £755.4 billion, up £149.5 billion, a healthy 24.7% rise on a year ago. Europe is doing nearly as well: the 50 richest there are worth £419.8 billion, an £88.3 billion rise, and up 26.6% on last year".

Tax the rich!

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