Income is generally understood to cover a person’s earnings from their employment, dividends from shares and stocks, pension payments etc.
Wealth includes income but also the total value of a person’s assets, eg housing, personal possessions such as artwork or jewellery, money in the bank, the value of stocks and shares, etc.
Income inequality among working-age people has risen faster in the UK than any other rich nation. In 2005, the richest one per cent were worth an estimated £250 billion. By 2021, this figure has increased to an estimated £800 billion.
In Scotland, the wealthiest 10% of households had £1.6million in wealth whereas the least wealthy 10% had £7,500. In addition, one third of households did not have savings to cover the basic living costs for three months in the event of an emergency.