What comes to your mind first when you hear the word ‘inequality’? For many people it is all about money. But there are different types of money. It is important to bear in mind the difference between income and wealth.
When thinking about social divisions, should we be more concerned with income inequality or variations in wealth? These are very different things: one person may be a high earner yet own few assets, while another earns little but has inherited plenty. Some London pensioners with poverty-line incomes are ‘paper millionaires’ because they own homes which have quadrupled in value since the year 2000. This wealth is the equivalent of a large lottery win — but only accessible if they sell their homes. Do you regard such people as belonging to society’s ‘haves’ or ‘have-nots’?
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