This revolting rich list is a freak show

What are we to make of this quite nauseating spectacle?

George Pitcher

George is a visiting fellow at the London School of Economics and an Anglican priest.

A collage of famous, rich, people such as King Charles, Elton John and others.

The Sunday Times.

General elections are no longer a clear choice between socialism and capitalism, but we should still be as offended by the privilege of the few over the poverty of many. That’s only natural, whether we’re informed by envy, a secular sense of fairness or a religious faith.

The yawning chasm between rich and poor in the UK is offensive. When PM Rishi Sunak was drenched in his vale of tears this week outside Number 10, as he announced the general election, he was seeking a mandate to preside over this inequality, in which he so richly participates.

He stood there exactly three days after he and his wife waved from the pages of the Sunday Times Rich List, based on the newspaper’s “conservative estimates of the minimum wealth of Britain’s 350 richest people.”

The Sunaks stood at 245th on the list with a measly £651m. Just 20 years ago, when I was in business, that figure would have put them near the top. Some of my business contemporaries had even made the Rich List with just a few tens of millions.

Not anymore. Mere multimillionaires barely make the cut. The ever-widening gulf between the super-rich and the rest of us means that the top 165 of last Sunday’s list of 300 are now billionaires, compared with just 20 a quarter of a century ago, while the “bottom” of today’s heap struggle by as half-billionaires.

It does make you wonder what the Sunday Times is doing with this revolting annual survey. It has become such an anachronism since it started in the Eighties, when greed was good and we worshipped Croesus impersonators.

Every year, we’re invited to press our noses up against their plate-glass window and drool at a world that’s as alien as a pharaoh’s to the slaves building their pyramid. What do they want from us for this display of greed? Envy?

Times (even on Sunday) have changed and the Rich List satirises itself. Look at the ads that support it. There’s one for a 122-metre yacht that can be chartered for three million euros a week. A few pages later there’s one for a Swiss clinic “for the treatment of mental health and issues of substance and behavioural dependency”. Could these ads be related?

So what the Sunday Times is presenting is a kind of freak show. Roll up, roll up, see the people who are tax exiles from the planet.

The Rich List is just for the British mega-rich. So no room here for Meta-billionaire Mark Zuckerberg or space-wingnut Elon Musk. But it’s nice to see at the top of the list, with just a couple of hundred million over the £37bn-mark, the Hinduja family, whose leading lights so publicly acquired British passports some years ago, with or without government help.

And here’s Lakshmi Mittal (No. 8 with £15bn), who was recently accused of profiting from both sides of the Ukraine conflict, after a part-owned Indian company bought nearly £2.4bn of Russian oil since the start of the war. Which newspaper revealed this? Step forward the Sunday Times.

And there’s vacuum magnate Sir James Dyson (No. 5 with £21bn) who backed Brexit and then moved his global HQ to Singapore. That’s the beauty of being so rich; you can escape the consequences of your own actions.

Most of the list is what similarly might be called colourful. These cannot, by virtue of their economic separation, be normal people. So what the Sunday Times is presenting is a kind of freak show. Roll up, roll up, see the people who are tax exiles from the planet.

Money is its own reward. But ultimately its power is empty.

What are we to make of this quite nauseating spectacle? Sure. there is no virtue in poverty. But nor should there be a prosperity gospel, which holds that the righteous are financially rewarded, other than in the outer reaches of an American charismatic movement.

Among the things that make us go “hmm” in this report is the attitude to life. Phones 4u founder John Caudwell (No. 109, £1.5bn) says “If I stopped I’d probably be desperately unhappy.” Hmm. New entrant to the list Graham King (No. 221=, £750m) made his fortune from public money contracts for accommodation for asylum seekers that inspectors have described as “decrepit” and is currently the subject of charges under the Housing Act 2004. Hmm.

Cursed are the rich, for they shall lose touch with reality. That’s not a heretical rewrite of the Sermon on the Mount, with its “Blessed are...” Beatitudes. There are actually four lesser known woes in the Gospel of Luke:

“Woe to you who are rich, for you have received your consolation. Woe to you who are full now, for you will be hungry. Woe to you who are laughing now, for you will mourn and weep. Woe to you when all speak well of you, for that is what their ancestors did to the false prophets.”

These woes aren’t about revenge. But they do speak to the consequences of extreme wealth – such as profiteering from desperately vulnerable people or working so hard you can’t think properly.

Money is its own reward. But ultimately its power is empty. Today, the Sunday Times should be as ashamed of idolising it as those it lionises for making so much of it.

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Economics

23 October 2024

1 min read

Budgeting for discontent

The Chancellor can't please everyone, but is contentment possible?

Paul Valler

Paul Valler is an executive coach and mentor. He is a former chair of the London Institute for Contemporary Christianity.

A woman stands behind a lectern against a blue and red backdrop.

Chancellor Rachel Reeves speaks at a recent event.

HM Treasury.

As the Chancellor Rachel Reeves seeks to raise billions in this Autumn budget, the news media are all over the downsides. Poor pensioners freezing during winter and businesses complaining of the tax burden are political headlines. Tough choices must be made, but we are rarely happy when it comes to money.

Economic discontent is ironically a cultural norm in first world countries. In the west we have become used to what psychologists call the hedonic treadmill – adjusting our expectations to any new benefits and finding ourselves wanting even more, to try to maintain the same level of happiness. It’s a mentality that dooms us to discontent. Socrates said, ‘He who is not contented with what he has, would not be contented with what he would like to have.’

Contentment seems to be a forgotten virtue today, and increasingly elusive in a society striving for happiness through wealth. Yet being content in life is a more valuable form of wealth than money. There is something enormously attractive about a tranquil state of mind and heart. Contentment does not mean passive acquiescence; there is a noble side to being passionately discontented about something that is unjust – especially when we are fighting for others. William Wilberforce demonstrated that with his campaign for the repeal of laws allowing slavery.

Our personal challenge is to be content in ourselves, whatever the circumstances. Oscar Wilde said, ‘True contentment is not having everything, but being satisfied with everything you have.’ Practising paying attention to what we do have and being thankful for it. That attitude of gratitude is a recognised way to lift our mood and strengthen our resilience. But thankfulness doesn’t solve every problem. Warm words may help warm hearts, but they don’t heat cold homes. Although gratitude is proven to improve our wellbeing, it’s not enough to compensate for all the problems of life. Because here’s the deal; life is tough and then you die, and there are many worse things than economic woes.

Pain, grief and loss are all too common, and they can test our resilience beyond what feels like our ability to endure. Chronic physical or mental illness for example; or being permanently disabled. Or the life-sapping effort to parent children with special needs; or caring for a parent/partner with dementia - especially when it goes on and on. Sometimes horrible events happen like violent abuse, or the deep grief of relationship breakdown or bereavement. This level of suffering pushes us to the end of ourselves, to the place where something more than psychological self-help is needed. What is the secret of contentment then?

I don’t envy the Chancellor, and I do not trivialise the very real challenges raised by having to make tough economic choices.

This is where the secular and the Christian worldview are radically different. Secular philosophers call people to show their own self-sufficiency and superior reason when enduring suffering. This can feel principled and stoic, but it lacks empathy and hope. Christianity accepts the reality of our own weakness and insufficiency, recognising that we can’t fix everything ourselves. Instead of trusting in humanity, we choose to trust God both for this life and the life to come. And this trust and hope is linked to a deeper form of contentment, which transcends pure rationality.

Of course, sceptics say this is just psychological comfort from an imaginary friend, and it doesn’t make sense, because surely any good God would not allow us to suffer in the first place. But any realist must acknowledge that a lot of human suffering comes from the damaging exercise of our own free will. Wars and slavery are examples. If God were to override our free will, we would be robbed of the authentic capacity to love, which makes us fully human. The coexistence of free will, suffering and God is a complex issue.

The experience of millions of Christ followers is that trusting God is much more than imaginary comfort. God is real and prayer changes things; the most ordinary, natural and chance experiences can be affected by it. And prayer changes us. In our vulnerability, if we choose to trust God something changes, we begin to relax, things become a bit easier to bear. In fact, the apostle Paul claimed that Christ’s power was perfected in his own weakness.

Contentment is a strange peace that comes from trusting God in the middle of difficult circumstances. One of the great old hymns was written by a man who lost his four daughters in an accident at sea, and also lost all his money in a fire. The refrain says, ‘It is well, it is well with my soul.’ This isn’t denial or delusion, it is the inner sense of quietness that God can give. Only an eternal perspective allows for that kind of contentment.

I don’t envy the Chancellor, and I do not trivialise the very real challenges raised by having to make tough economic choices. Britain is clearly in a place where some stringent fiscal discipline is needed, and that will inevitably cause some hardship and difficulties. But in the face of all the discontent that is so freely shared in the news, there is another way to respond. Instead of complaining about our flawed Government or moaning about our circumstances, we can change our perspective to put our trust in the ultimate Authority. And in doing so can find a peace that the world cannot give. Contentment is a treasure beyond the wealth of nations.