Monday, May 03, 2010

London: the most unequal city in the developed world

Recently we revealed the fact that land ownership in Britain is more unequal even than in Brazil. Now The Guardian expands on this theme, noting that the richest tenth of the London population has amassed 273 times the wealth owned by the bottom tenth.

"We are getting wealth inequalities in London now as far as we know that have not been seen since the days of a slave-owning elite. The lesson is that it is not enough to just stop the disparity in incomes from getting bigger – you have to make it smaller to stop wealth inequality from getting worse."

We'd quibble with one part of this article - that London is a city. It isn't: it is two cities. Reflecting this, London has a Mayor, currently called Boris Johnson, and a Lord Mayor, currently called Nicholas Anstee. Most British people probably don't know this. The Lord Mayor, of course, runs the City of London, the offshore jurisdiction located inside London. As the Guardian article continues:

"The affluent have been allowed to lose touch with the everyday norms of society. The academic points out the cost of a flat in the City of London rose by 24% to almost £450,000 in 2009. 'Prices jumped at a time of recession. The rich really aren't like us ... they operate in a different world,' said Dorling.'

We will be revealing extraordinary things about London -- in due course.

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