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| Women a 'distinct minority' among wealthiest in the UK | Women a 'distinct minority' among wealthiest in the UK |
| (about 7 hours later) | |
| There are very few women among the richest people in the UK and other OECD countries, according to a report published by the London School of Economics. | There are very few women among the richest people in the UK and other OECD countries, according to a report published by the London School of Economics. |
| Out of the wealthiest 53,000 people in the UK in 2013, only 9% were women. | Out of the wealthiest 53,000 people in the UK in 2013, only 9% were women. |
| The report examined tax data from OECD countries where couples made separate tax returns. | The report examined tax data from OECD countries where couples made separate tax returns. |
| It said a wealth "glass ceiling" appeared to exist, with women a distinct minority of the very wealthy. | It said a wealth "glass ceiling" appeared to exist, with women a distinct minority of the very wealthy. |
| A co-author of the report, Alessandra Casarico, said women were "rarer the higher one climbs". | A co-author of the report, Alessandra Casarico, said women were "rarer the higher one climbs". |
| 'Male world' | 'Male world' |
| In the UK, while the proportion of women among the wealthiest 10% and 1% of people had risen since the 1990s, the share of women in the top 0.1% - the wealthiest 53,000 - was little changed. | In the UK, while the proportion of women among the wealthiest 10% and 1% of people had risen since the 1990s, the share of women in the top 0.1% - the wealthiest 53,000 - was little changed. |
| The UK showed the lowest number of wealthy women in that group among the six countries that could be compared. | The UK showed the lowest number of wealthy women in that group among the six countries that could be compared. |
| Professor John Hills, co-director at the LSE's International Inequalities Institute, which is publishing the paper said: "Right at the top it is still a male world." | Professor John Hills, co-director at the LSE's International Inequalities Institute, which is publishing the paper said: "Right at the top it is still a male world." |
| "Woman have managed to increase their representation in the top 10% because of their success in the professions and business, but few of them are among the very wealthiest." | "Woman have managed to increase their representation in the top 10% because of their success in the professions and business, but few of them are among the very wealthiest." |
| The researchers said that while examining salary levels was important, the use of tax data gave a more complete picture of someone's income, such as earnings from dividends, interest and share options. | The researchers said that while examining salary levels was important, the use of tax data gave a more complete picture of someone's income, such as earnings from dividends, interest and share options. |
| The report recognised that even that picture could be skewed if a husband transferred some of his wealth to his wife to avoid tax. | The report recognised that even that picture could be skewed if a husband transferred some of his wealth to his wife to avoid tax. |
| The report also looked at Spain, Denmark, Canada, New Zealand, Italy, Australia and Norway, because like the UK, men and women are taxed separately. | The report also looked at Spain, Denmark, Canada, New Zealand, Italy, Australia and Norway, because like the UK, men and women are taxed separately. |
| The researchers said they did not include countries such as the US because income tax is levied on the joint income of couples there. | The researchers said they did not include countries such as the US because income tax is levied on the joint income of couples there. |
| The years quoted in the table below represent the most recent tax data that the report's authors could collect in each country. | The years quoted in the table below represent the most recent tax data that the report's authors could collect in each country. |
| Proportion of women in top income groups in 2010-2014 | Proportion of women in top income groups in 2010-2014 |
| The report said although progress to a more gender-neutral spread of wealth had been made among the top 10% of people, women still accounted for less than a quarter of the top 1% earners in all 8 countries. | The report said although progress to a more gender-neutral spread of wealth had been made among the top 10% of people, women still accounted for less than a quarter of the top 1% earners in all 8 countries. |
| Co-author Alessandra Casarico, associate professor of Public Economics at Bocconi University in Italy said: "Women now make up more of the top income groups, but they are a distinct minority and they become rarer the higher one climbs." | Co-author Alessandra Casarico, associate professor of Public Economics at Bocconi University in Italy said: "Women now make up more of the top income groups, but they are a distinct minority and they become rarer the higher one climbs." |
| "Composition of income is important: In the old days, the rich were those with property; they have been replaced by CEOs and entrepreneurs, among whom women are not well represented." | "Composition of income is important: In the old days, the rich were those with property; they have been replaced by CEOs and entrepreneurs, among whom women are not well represented." |
| 'Unconscious bias' | |
| Sam Smethers, chief executive of the Fawcett Society said it was "depressing but not surprising" that women were not better represented among those with the highest incomes. | Sam Smethers, chief executive of the Fawcett Society said it was "depressing but not surprising" that women were not better represented among those with the highest incomes. |
| She said: "There are structural and cultural barriers at work here and we have to proactively address them if we want to see more women progress." | She said: "There are structural and cultural barriers at work here and we have to proactively address them if we want to see more women progress." |
| "Unconscious bias, with men recruiting in their own image from informal networks, a male-dominated, long-hours culture and the unequal impact of caring roles, all contribute to perpetuating a no-go area for women at the top. It has to change." | "Unconscious bias, with men recruiting in their own image from informal networks, a male-dominated, long-hours culture and the unequal impact of caring roles, all contribute to perpetuating a no-go area for women at the top. It has to change." |
| Frances O'Grady, general secretary of the TUC said: "Despite decades of equality legislation women still face huge obstacles to make it to the top. And nothing will change without better opportunities for women to work part-time and flexibly." | Frances O'Grady, general secretary of the TUC said: "Despite decades of equality legislation women still face huge obstacles to make it to the top. And nothing will change without better opportunities for women to work part-time and flexibly." |
| "If we want more women to break through the glass ceiling we need men to take on more child caring too. Giving fathers their own paid leave would be a good start." | "If we want more women to break through the glass ceiling we need men to take on more child caring too. Giving fathers their own paid leave would be a good start." |