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theguardian - 1 month ago

If the rich are getting richer, then where are they hiding it? | Torsten Bell

Following a steep rise in inheritance tax, Britain’s wealthiest families suddenly professed to be a lot poorerIncome inequality rose significantly in the last decades of the 20th century, yet wealth inequality fell throughout most of the century. Why? Partly because of the home ownership boom. But the top 1%’s share of wealth fell from 60% before 1920 to under 20% by the 1980s.In part, this shows that both war and inheritance tax are bad for the landed gentry. But are we missing something? Or, more specifically, are the rich hiding something? That’s the excellent question asked by new research into the wealth of our Victorian elite. Continue reading...

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