Inequality
The gap between the richest and poorest in London
Key findings
50%
of London's wealth is owned by the richest 10% of its households. The bottom 50% own just over 5%.
8x
greater is the income of someone just in the top 10% in London in comparison to someone just in the bottom 10%.
Overview
Inequality explains the incongruence between two pictures of London: one of the booming centre of global finance and home to many of the world’s rich, and the other of a city with high levels of poverty and deprivation.
Income inequality is significantly greater in London than elsewhere in England. In the three years to 2015/2016, the income of someone just inside the top 10% was eight times higher than someone just inside the bottom 10% of earners, and the top 10% earned more than the bottom 50%. However, the lowest 10% of earners have seen their wages increase since 2011, while median earners and the top 10% have experienced declines.
Wealth inequality is far wider than income inequality in London. 50% of London’s wealth is earned by the richest 10% of its households, while the bottom 50% own just over 5%. And someone just inside the top 10% in terms of wealth owns 295 times more than someone just inside the bottom 10%. This trend is becoming more extreme in London, with the least wealthy 10% of people losing 32% of their wealth over the last two years, compared to a 2% drop across Great Britain. Meanwhile, the wealth of the top 10% in London has increased by 25%.
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From our Twitter
@povertylondon
This interactive table compares Poverty Child Poverty Inequality Homelessness Temporary Accommodation Evictions Affordability Unemployment Low Pay Benefits Council Tax Support GCSE attainment Infant Mortality Premature Mortality in each London borough. https://www.trustforlondon.org.uk/data/boroughs/overview-of-london-boroughs/ … pic.twitter.com/EuJJzZz4Tf
23 Aug 201821% of employees who live in Havering are low-paid. This is in line with the London average. pic.twitter.com/MGHBItvXFh
23 Sep 2018The unemployment ratio in Havering is 4.4%. This is narrowly below the London average of 4.9%, and also below the outer London average of 4.7%. pic.twitter.com/eo0tghrI5Y
22 Sep 2018The gap in GCSE attainment between disadvantaged and non-disadvantaged students is 28 percentage points in Havering. This is one of the largest gaps in London. pic.twitter.com/SLZnxTZhYf
21 Sep 2018The London boroughs with the highest rates of poverty are: Tower Hamlets (39%) Newham (37%) Hackney (36%) Islington (34%) Haringey (34%) The London boroughs with the lowest rates of poverty are: Bromley (15%) Richmond (15%) Bexley (16%) Sutton (16%) Havering (16%) pic.twitter.com/CTBBjbmmLR
21 Sep 2018