Nesrine Malik tells us the system is rigged in favour of the 1% by wealth (Opinion, 23 January). Entry into the global 1%, by the definition used by Oxfam, requires $1m in assets. As the Office for National Statistics tells us, that’s around the 75th percentile of British households by wealth. In other words, 25% of British households are in the top 1% of the global wealth distribution. I’d be willing to bet a substantial sum that 25% of the Guardian’s readership is too. As Pogo said in Walt Kelly’s strip cartoon for Earth Day in 1971: “We have met the enemy and he is us.”
Tim Worstall
Senior fellow, Adam Smith Institute
*Applause*!
In Oxford Union debating terms that’s the steel toecap to groin rubuttal. Well done Sir!
I counted 4 links in that letter, 3 of which were excellent and difficult for a lay person to find searching the key words. That’s well impressive by the pendant and though it was short, I’d bet that it took a surprising amount of time to write.
A fine hoik for six to cow corner.
That was glorious
That was edited down by them – they took out my references (so, light proofs really) to their own readership demographics.
Are you not comparing individual wealth (Oxfam’s figures) to household wealth (ONS figures)?
@gunker
Interesting point but I wonder how many families of 4 with a commensurate house in Greater London, initially financed by 2 high earners continue to be financed by 2 high earners? On the death of one of them, the wealth transfers to the other and the wealthy household becomes a wealthy house owner
Guido Fawkes has linked to your Guardian letter in his “Seen Elsewhere” section, Tim.
And pension wealth. Wealth can be measured as the income you can get from it, I’ve built up 28/35ths of a state pension, consequently I have wealth of about £1/3million.