It is difficult to write about the subject of ‘wealth’ or ‘money’, without sounding as if you are jealous of those who have it. In UK, wealth was historically in the hands of the landed gentry or industrialists. However, compulsory schooling, coupled with the welfare state, created a level playing field so that the ‘have nots’ could compete with those who have. We all applaud individuals such as Allan Sugar who started with little but created their own business empire.
Wealth has always been a point of fascination. In 1906, Vilfredo Pareto an Italian economist, calculated that 80% of the wealth of Switzerland was owned by 20% of the population. Subsequent studies have shown that this 80/20 rule applies not only to the Swiss but to other nations as well. It is difficult to identify what percentages are true for U.K. today. Some commentators have stated that the rich have got richer with little improvement for the man at the bottom of the money pile. However, all has not been milk and honey for the landed gentry. Many have seen their wealth decline and many have been forced to diversify by opening their stately homes to the public in order to survive.
If it is not the landed gentry that now hold the wealth, then where has it gone? The answer to this is quite simple. We now have the emergence of the ‘nouveau rich’ or more correctly, the ‘super rich’. These terms broadly encompass film stars, singers, sports stars, and some writers. But with the creation of the new super rich, a further problem has emerged. This is highlighted by the fact that the new ‘super-rich’ have displaced saints and heroes, the people we used to look up to, admire and aspire to. Saints and heroes are no longer cool. Our values, society and our safety are being perniciously altered by the seduction of glitz and greed. Glory be to Saint Wayne (Rooney) and Saint Jonathan (Ross).
The imbalance in the wealth allocation in UK has also created a further anomaly, that of remuneration. High levels of remuneration were always associated with the professions such as law or medicine. This is no longer true. Take the case of the professional footballer. Many earn £130K a week, which equates to £6.76 million a year. On the other hand a GP earns a £100K a year. It is easy to calculate that a GP would have to work for about 67 years to earn what a footballer gets in a single year. Similarly, a nurse would have to work for something like 220 years. Who do the most for society? Who should we value the most?
Vilfredo Pareto would be turning in his grave if he were aware that his 80/20 rule was going berserk. Anyway, he can rest easy in the thought that at least in his era they knew what was really important and what should be valued. And it wasn’t money. If only we recognised that today then UK would be a better, safer place, for everyone.
Mike Gillingham