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Wealth

Volume 497: debated on Tuesday 13 October 2009

To ask the Chancellor of the Exchequer what proportion of total (a) income and (b) wealth was held by the top (i) 10, (ii) 5, (iii) 1, (iv) 0.1 and (v) 0.01 per cent. of the population with the percentage of each in the latest period for which figures are available; how many people were in each such group; and what the average (A) income and (B) wealth of persons in each group was. (292135)

The proportion of total income accounted for by the top 10, 5 and 1 per cent. of UK taxpayers by income can be found in table 2.4 ‘Share of total income (before and after tax) and income tax for percentile groups’, available at:

http://www.hmrc.gov.uk/stats/income_tax/table2-4.pdf

Information on the top 0.1 and 0.01 per cent. of UK taxpayers is not readily available.

The number and average income of taxpayers in each group can be determined from the above together with table 2.5 ‘Income Tax liabilities, by income range’, with reference to the total number of taxpayers and their income stated on this table. This is available at:

http://www.hmrc.gov.uk/stats/income_tax/menu.htm

Estimates for the proportion of wealth held by the top 10, 5 and 1 per cent. of the UK adult population are available up to year 2003 and are published in table 13.5 ‘Personal Wealth—distribution among the adult population of marketable wealth’ at:

http://www.hmrc.gov.uk/stats/personal_wealth/menu.htm

Information on the proportion of wealth held by the top 0.1 and 0.01 per cent. of UK taxpayers is not available.

The number of UK adults in 2003 was 46 million, from which figure the numbers in the top 10, 5 and 1 per cent. of the population can be calculated.

The average wealth of persons in each group can be calculated by:

Calculating the wealth per group using the proportions in table 13.5 referred to above and the estimate of total marketable wealth published in table 13.4, available at

http://www.hmrc.gov.uk/stats/personal_wealth/table13_5.pdf

and

Dividing by the number of people in each group.