Wealth and the Wealthy: Exploring and Tackling Inequalities between Rich and Poor

by Karen Rowlingson, Stephen D. McKay

Overview

Wealth and the wealthy have received relatively little attention from social scientists despite a growing wealth gap. Aimed at a broad social science and public readership, this book draws on new data on wealth to answer the following key questions: What is wealth? Who has got it? Where might we draw a 'wealth line'? Who lies above it? And what might policy do about wealth and the wealthy? Using data sources from the HMRC to the Sunday Times Rich list, this book provides a comprehensive and critical discussion of these issues, and looks at potential policy responses, including 'asset-based' welfare and taxation.

Product Details

ISBN-13:	9781447308096
Publisher:	Policy Press
Publication date:	12/07/2011
Sold by:	Barnes & Noble
Format:	eBook
Pages:	269
File size:	6 MB

About the Author

Karen Rowlingson is Professor of Social Policy and Director of the Centre on Household Assets and Savings Management (CHASM) at the University of Birmingham. Her research interests include personal finance and inequality. Stephen McKay is Professor of Social Research in the School of Social Policy at the University of Birmingham.  He has particular expertise in the secondary analysis of complex datasets in relation to, social security, inequality and wealth.

Table of Contents

List of tables and figures vii

Acknowledgements x

About the authors xi

Introduction xii

1 Why wealth matters 1

Introduction 1

From collective welfare to individual assets 2

The role of assets in people's lives 8

Is there an asset effect? 12

Conclusions 16

2 Why the wealthy matter 19

Introduction 19

The increasing concentration of income and wealth 20

Is the concentration of income and wealth a social problem? 25

Is the concentration of income and wealth good or bad for the economy? 32

Un/equal opportunities and un/fair rewards 37

Attitudes to the gap between rich and poor 45

Conclusions 49

3 What is wealth and who are the wealthy? 53

Introduction 53

Conceptualising and defining wealth 53

Measuring wealth 56

Conceptualising and defining the wealthy 63

Measuring the wealthy 74

Conclusions 79

4 The distribution of wealth 81

Introduction 81

The distribution of wealth 81

Combining income and assets 92

The distribution of assets by age, ethnicity and region 93

Gender and the within-household distribution of wealth 101

Inheritance and unearned wealth 107

Conclusions 112

5 The rich, the richer and the richest 115

Introduction 115

The rich 116

The richer 126

The richest 130

Philanthropy and charitable giving 136

Conclusions 143

6 Towards a comprehensive policy on assets 145

Introduction 145

The goals of a comprehensive policy on assets 146

Asset-based welfare policies, proposals and perspectives 153

Policies on housing wealth 160

Pensions policy 171

Taxing assets in the UK 176

Within-household distribution of assets 181

Conclusions 183

7 Social policy and the wealthy 187

Introduction 187

The goals of policy on riches 188

Equal opportunity policy 194

Taxation policy 199

Policies for original income and wealth 210

Conclusions 217

Conclusions 219

References 225

Index 247

What People are Saying About This

From the Publisher

"Now is the time for a serious social policy analysis of wealth and the wealthy. This illuminating book provides both the data and a clear-sighted discussion of the issues." Jane Millar, University of Bath

"A calm and dispassionate introduction to the facts about wealth in Britain, providing essential context for many of the most important and urgent policy debates today." John Hills, Professor of Social Policy, London School of Economics

"This thoughtful and far-reaching critical analysis of the 'problem of riches' is a timely contribution to the debate on inequality. It deserves to be widely read." Professor the Baroness (Ruth) Lister of Burtersett, Loughborough University

Editorial Reviews

"This thoughtful and far-reaching critical analysis of the 'problem of riches' is a timely contribution to the debate on inequality.  It deserves to be widely read."

 

Baroness (Ruth) Lister of Burtersett