Baby-boomers, who possess much of the Britain's wealth, are starting to die off. And so inheritances are making a comeback
of the great themes of English literature of the 19th and early 20th centuries. Novels from Jane Austen’s “Sense and Sensibility” to Charles Dickens’s “Bleak House” and E.M. Forster’s “Howards End” revolve around the question of inheritance. Rich relatives finance Bertie Wooster’s jolly japes. Writers’ preoccupation with inheritance reflected the fact that, back then, transfers of wealth from one generation to the next were enormously significant.
Economists disagree on why wealth has risen as a share of national income. Disciples of Thomas Piketty, a French economist , claim that capitalism tends to follow an almost natural law whereby, in normal times, capital growth outpacesgrowth. Mr Piketty’s work shows that wealth is becoming more economically significant across many advanced economies.
Whatever the cause, inheritance is once again making its mark on the national consciousness. “Capital”, a novel by John Lanchester which was published in 2012, includes a character who inherits a house in London . Alan Hollinghurst’s “The Line of Beauty” explores themes of inheritance and privilege. “Downton Abbey”, a recent television drama series about the aristocratic Crawley family, in which questions of inheritance loom large, was a runaway hit; a film adaptation is due in September.
Inheritance, which usually is not counted in official surveys of household income, may hold part of the answer. By one estimate, one in 20 British people receives an inheritance worth more than ten years of their net earnings. Surveys suggest that grandparents help to pay the fees of 15-20% of private-school pupils.
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