Britain's five richest families worth more than poorest 20%

Oxfam report reveals scale of inequality in UK as charity appeals to chancellor over tax
Who are the five richest families? Oxfam has urged George Osborne to use Wednesdays budget to make a fresh assault on tax avoidance !hotograph" #arl #ourt$%&!$Getty 'mages

Larry Elliott( economics editor )onday *+ )arch ,-*.

/he scale of 0ritain1s gro2ing inequality is revealed today by a report from a leading charity sho2ing that the country1s five richest families no2 o2n more 2ealth than the poorest ,-3 of the population Oxfam urged the chancellor George Osborne to use Wednesday1sbudget to make a fresh assault on tax avoidance and introduce a living 2age in a report highlighting ho2 a handful of the super4rich( headed by the 5uke of Westminster( have more money and financial assets than *, 6 million 0ritons put together /he development charity( 2hich has opened UK programmes to tackle poverty( said the government should explore the possibility of a 2ealth tax after revealing ho2 income gains and the benefits of rising asset prices had disproportionately helped those at the top %lthough 7abour is seeking to make living standards central to the political debate in the run4up to next year1s general election( Osborne is determined not to abandon the deficit4reduction strategy that has been in place since ,-*- 0ut he is likely to

announce a fresh crackdo2n on tax avoidance and measures aimed at overseas o2ners of high4value7ondon property in order to pay for modest tax cuts for 2orking families /he early stages of the UK1s most severe post42ar recession sa2 a fall in inequality as the least 2ell4off 2ere shielded by tax credits and benefits 0ut the trend has been reversed in recent years as a result of falling real 2ages( the rising cost of food and fuel( and by the exclusion of most poor families from home and share o2nership 'n a report( a /ale of /2o 0ritains( Oxfam said the poorest ,-3 in the UK had 2ealth totalling 8,9 *bn : an average of 8,(,;- each /he latest rich list from &orbes maga<ine sho2ed that the five top UK entries : the family of the 5uke of Westminster( 5avid and =imon >euben( the ?indu@a brothers( the #adogan family( and =ports 5irect retail boss )ike %shley : bet2een them had property( savings and other assets 2orth 8,9 ,bn /he most affluent family in 0ritain( headed by )a@or General Gerald Grosvenor( o2ns ++ hectares A*B- acresC of prime real estate in 0elgravia( 7ondon( and has been a beneficiary of the foreign money flooding in to the capital1s soaring property market in recent years Oxfam said Grosvenor and his family had more 2ealth A8+ BbnC than the poorest *-3 of the UK population A8+ 9bnC Oxfam1s director of campaigns and policy( 0en !hillips( said" D0ritain is becoming a deeply divided nation( 2ith a 2ealthy elite 2ho are seeing their incomes spiral up( 2hile millions of families are struggling to make ends meet D't1s deeply 2orrying that these extreme levels of 2ealth inequality exist in 0ritain today( 2here @ust a handful of people have more money than millions struggling to survive on the breadline D /he UK study follo2s an Oxfam report earlier this year 2hich found that the 2ealth of 9E global billionaires is equivalent to that of half the 2orld1s population : or ; E billion people /he pope and 0arack Obama have made tackling inequality a top priority for ,-*.( 2hile the 'nternational )onetary &und has 2arned that the gro2ing divide bet2een the haves and have4nots is leading to slo2er global gro2th Oxfam said the 2ealth gap in the UK 2as becoming more entrenched as a result of the ability of the better off to capture the lion1s share of the proceeds of gro2th =ince the mid4*BB-s( the incomes of the top - *3 have gro2n by 8.6* a 2eek or 8,.(--- a year 0y contrast( the bottom B-3 have seen a real terms increase of only 8, 9, a 2eek or 8*.+ a year /he charity said the trends in income had been made even more adverse by increases in the cost of living over the past decade D=ince ,--; the ma@ority of the 0ritish public ABE3C have seen a *,3 real terms drop in their disposable income after housing costs( 2hile the richest E3 of the population have seen their disposable income increase D Osborne 2ill this 2eek announce details of the government1s ne2 cap on the 2elfare budget and has indicated that he 2ants up to 8*,bn a year cut from the benefits bill in

order to limit the impact of future rounds of austerity on Whitehall departments Oxfam said that for the first time more 2orking households 2ere in poverty than non4 2orking ones( and predicted that the number of children living belo2 the poverty line could increase by 9--(--- by ,-,- 't said cuts to social security and public services 2ere meshing 2ith falling real incomes and a rising cost of living to create a Ddeeply damaging situationD in 2hich millions 2ere struggling to get by /he charity said that starting 2ith this 2eek1s budget( the government should balance its books by raising revenues from those that could afford it : Dby clamping do2n on companies and individuals 2ho avoid paying their fair share of tax and starting to explore greater taxation of extreme 2ealthD /he ')& recently released research sho2ing that the ever4greater concentration of 2ealth and income hindered gro2th and said redistribution 2ould not @ust reduce inequality but 2ould be economically beneficial DOn average( across countries and over time( the things that governments have typically done to redistribute do not seem to have led to bad gro2th outcomes( unless they 2ere extremeD( the ')& said in a research paper D%nd the resulting narro2ing of inequality helped support faster and more durable gro2th( apart from ethical( political or broader social considerations D !hillips said" D'ncreasing inequality is a sign of economic failure rather than success 't1s far from inevitable : a result of political choices that can be reversed 't1s time for our leaders to stand up and be counted on this issue D Landed gentry to self-made millionaires 0ack to the top 5uke of Westminster AWealth" 8+ BbnC Gerald Grosvenor and his family o2e the bulk of their 2ealth to o2ning ++ hectares A*B- acresC of )ayfair and 0elgravia( ad@acent to 0uckingham !alace and prime 7ondon real estate %s the value of land rockets in the capital so too does the personal 2ealth of Grosvenor( formally the sixth 5uke of Westminster and one of seven god parents to the ne2 royal baby( !rince George /he family also o2n ;B(--- hectares in =cotland and *;(--- hectares in =pain( 2hile their privately o2ned Grosvenor Fstate property group has G,-bn A8*,bnC 2orth of assets under management including the 7iverpool One shopping mall( according to leading U= business maga<ine &orbes >euben brothers A86 BbnC =imon and 5avid >euben made their early money out of metals 0orn in 'ndia but brought up in 7ondon( they started in local scrap metal but branched out into trading

tin and aluminium /heir biggest break 2as to move into >ussia @ust after the break4up of the =oviet Union( buying up half the country1s aluminium production facilities and befriending Oleg 5eripaska( the oligarch associate of Hat >othschild and !eter )andelson /he >euben brothers are still involved in mining and metals but control a 2idely diversified business empire that includes property( 9E- 0ritish pubs( and luxury yacht4 maker Kristal Waters /hey are also donors to the #onservative party ?indu@a brothers A86bnC =richand and Gopichand ?indu@a co4chair the ?indu@a Group( a multinational conglomerate 2ith a presence in ;+ countries and businesses ranging from trucks and lubricants to banking and healthcare /hey began their careers 2orking in their father1s textile and trading businesses in )umbai and /ehran( 'ran but soon branched out by buying truck maker( %shok 7eyland from 0ritish 7eyland and Gulf Oil from #hevron in the *B9-s( 2hile establishing banks in =2it<erland and 'ndia in the *BB-s /he family1s 7ondon home is a mansion on #arlton ?ouse /errace( overlooking =t Iames !ark and @ust along fromclose to 0uckingham !alace( 2hich is potentially 2orth 8;--m /hey have links 2ith the 7abour party #adogan family A8.bnC /he 2ealth of the #adogans family is built on B- acres;6 hectares of property and land in #helsea and Knightsbridge( 2est 7ondon Fton4educated #harles is the eighth Farl of #adogan and ran the family business( #adogan Fstates( until ,-*, 2hen he handed it over to his son Fd2ard( Jiscount #helsea #harles( 2ho is a first cousin to the %ga Khan( started in the #oldstream Guards before going into the #ity ?e 2as briefly chairman of #helsea &ootball #lub in the early *B9-s and his family motto is" D?e 2ho envies is the lesser man D )ike %shley A8; ;bnC %shley o2ns He2castle United football club and became a billionaire through his =ports 5irect discount clothing chain 2hich he started after leaving school ?e 2as the sole o2ner of the fast gro2ing business( 2hich snapped up brands such as 5unlop( =la<enger( Karrimor and 7onsdale( until it floated on the stock market in ,--+ ?e no2 o2ns 6,3 %shley is a regular visitor to 7ondon1s s2ankiest casinos but is famously publicity4 averse