Inheritance figures reveal the stark inequality of Great Britain

http://politics.co.uk/blogs/2013/10/29/inheritance-figures-reveal-the-stark-inequality-of-great-bri

Image of Victorian LondonOfficial figures for inheritance paint a depressing and completely unsurprising portrait of Great Britain – a place where the rich get richer and the poor get stigmatised.

The UK remains a country where those who least need it receive the most.

The Office of National Statistics (ONS) figures show 1.6 million adults (3.6% of the population) received an inheritance worth over £1,000 between 2008 and 2010. Half received less than £10,000, but one in ten received £125,000 or more.

In fact, the luckiest fifth recieved a total of £57 billion – that accounts for 76% of all inherited wealth during the period.

Who did it go to? No prizes for guessing.

Rates of inheritance were higher for individuals living in households which already had the highest levels of wealth, according to the ONS.

Those in the wealthiest fifth of households had an increased chance of receiving inheritance. Those in managerial – rather than routine – occupations had an increased chance of receiving inheritance. Those who owned their main property outright, rather than holding a mortgage, had an increased chance. White Brits had an increased chance compared to non-white Brits. Those whose parents were mortgage owners, rather than renters, had an increased chance.

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