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London's Inequality

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London's Inequality
The annual Credit Suisse global wealth reported 51.5% of Britain’s wealth is controlled by the richest 10% in 2000, it has increased by 3%. One of the reasons for the rise in inequality is the number of billionaires and millionaires have boosted over time due to the increase in property price, price for financial assets and the exchange rate of sterling. Since the financial crisis, the richest people in the UK have become richer and wealthier. Those rich people held high value of shares before and after the financial crisis. In order to be recovered faster after the financial crisis; UK has to attract more investment and therefore offer higher returns to the investors in term of higher interest rate. Also, the low and middle income earners have suffered from the increase in household bills and low wage growth, which means that their real income have decreased, widening the income inequality. …show more content…
London is playing an important role in the UK’s financial development, it is an UK’s financial powerhouse. Other countries such as France, Germany and Italy, they don’t have any city that contains the similar way like London. In addition, the total global wealth is growing continuously as well. It has soared to $263tn nowadays, it’s more than the double in 15 years ago ($117tn in 2000). The inequality problem needs time to
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