§ Mr. John Leeasked the Chancellor of the Exchequer, what is his estimate of the percentage of privately-owned wealth at present owned by the most wealthy 1 per cent. of the population; and what were the corresponding figures for 1951, 1959 and 1964.
§ Mr. TaverneIn 1968, the latest year for which an estimate has been made, the wealthiest 1 per cent. of the population aged 15 or over owned 34 per cent. of the estimated total wealth owned by individuals and, in 1964, 35 per cent. These figures, however, are not directly comparable because the coverage of the estimates of total wealth varies with the coverage of the statistics of estates passing on death upon which the estimates are based. Since the coverage of the smallest estates was greater in 1964 than 1968, the figure given for 1968 slightly overstates the percentage owned by the wealthiest 1 per cent. when compared with the 1964 figure.
I regret that no official estimates have been made for 1951 and 1959.