The number of billionaires in the UK since 2010 has doubled while the rest of the country’s living standards have been squeezed. That’s according to new analysis the Trades Union Congress has published in response to the latest Sunday Times Rich List.

While the number of billionaires has doubled:

• Real wages have stagnated. Real pay grew by 4.5% since 2010 or 0.3% a year.
• The huge numbers in poverty have barely changed, rising to 13.4 million (2024/2025) from 13.0 million (2010/11).
• The number of those in insecure work has exploded, increasing by 800,000 from 2011 to 2024. The proportion of the wider workforce in insecure work also went up from 10.7% to 11.7% in the same period.

The analysis comes as the Sunday Times Rich List is published, which reveals those with the highest amount of wealth in the UK. And it follows the release of figures showing the ever-growing pay gap between workers and bosses.

TUC analysis shows the average Sunday Times Rich List wealth is over 7,600 times higher than average household wealth.

157 UK billionaires

There were only nine billionaires when the list began in 1989 and there are now 157.

The TUC says it’s time for those who’ve hoovered up the most wealth to pay their fair share in tax. And it’s calling for an increase in capital gains tax and a windfall tax on banks.

The union body says while there have been some positive steps forward to alleviate poverty and improve living standards – like the Make Work Pay agenda and lifting the two-child benefit cap – more is needed to turn living standards around which is why taxing wealth is important.

Recent TUC polling shows these measures are hugely popular up and down the country and across the political spectrum.

Polling from Patriotic Millionaires found that three quarters of UK millionaires would be willing to pay more tax to remain in the UK.

TUC general secretary Paul Nowak said:

We need an economy that rewards work – not just wealth.

Under the Conservatives, the wealthiest were allowed to feather their nests while working people suffered an epidemic of insecure work and the worst pay stagnation in two centuries. Clearly wealth has not trickled down – it has been hoarded by those at the top.

This isn’t right. With ordinary people struggling to pay the bills, it’s time for billionaires to pay their fair share in tax to protect households and firms from the effects of Donald Trump’s illegal war.

People have had it with a system where those with the broadest shoulders don’t pull their weight.

On taxing the rich, Nowak said:

It’s ridiculous scaremongering to talk about a so-called ‘exodus’ of the super-rich when the number of billionaires has skyrocketed over the last 14 years.

The wealthiest people in our society largely understand the need to contribute to their communities.

Featured image via the Canary

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