It’s rude to call them rich so they prefer “ultra-high net worth”: that word “worth” has a pleasant ring, suggesting value. Besides, the chances are that many of them don’t see themselves as rich, because there are always others richer than them. It fosters a bitter, directionless social grudge with a familiar tendency to turn on foreigners, erupting in the self-harm of Brexit. Stratospheric wealth obscures the everyday crisis in wealth distribution. The Bank of England reports that consumer credit grew by 8.5% in July, with debt the only way to bridge the gap between wages and staying alive.

Source: The Guardian September 06, 2018 11:26 UTC