Ten-elevenths of all the land in the British Islands belong to 176,520 persons. The rest of the 40,000,000 own the other eleventh. Or, dividing Britain into eleven parts, you may say that one two-hundredth part of the population owns ten-elevenths of Britain, while the other one hundred and ninety-nine two-hundredths of the population own one-eleventh of Britain. That is as though a cake were divided amongst 200 persons by giving to one person ten slices, and dividing one slice amongst 199 persons. I told you just now that Britain does not belong to the British, but only to a few of the British.
In Fabian Tract No. 7 I read—
One-half of the wealth of the kingdom is held by persons who leave at death at least £20,000, exclusive of land and houses. These persons form a class somewhat over 25,000 in number.
Half the wealth of Britain, then, is held by one fifteen-hundredth part of the population. It is as if a cake were cut in half, one half being given to one man and the other half being divided amongst 1499 men.
How much cake does a working mechanic get?
In 1898 the estates of seven persons were proved at over £45,000,000. That is to say, those seven left £45,000,000 when they died.
Putting a workman's wages at £75 a year, and his working life at twenty years, it would take 30,000 workmen all their lives to earn (not to save) the money left by those seven rich men.
Many rich men have incomes of £150,000 a year. The skilled worker draws about £75 a year in wages.
Therefore one man with £150,000 a year gets more than 2000 skilled workmen, and the workmen have to do more than 600,000 days' work for their wages, while the rich man does nothing.