Richest 1% in UK now wealthier than 70% of population combined

Oxfam releases report highlighting wealth disparities in UK and around world

How will money change now that the Queen has died? (Getty Images)

The richest 1% of people in the UK are now wealthier than 70% of the population combined, according to analysis by Oxfam.

A report by the charity highlights how the 685,500 richest people in Britain are worth a total of £2.8 trillion, compared with 48 million people in the UK whose combined wealth totals £2.4 trillion.

Oxfam’s report, called Survival of the Richest, builds a picture of widening worldwide inequality, after extreme poverty and extreme wealth increased simultaneously over the past two years for the first time in quarter of a century.