Dr Eamonn Butler's letter in The Evening Standard: London inequality stats misleading

Director of the Adam Smith Institute Dr Eamonn Butler wrote a letter published by The Evening Standard,  which highlighted the problems with recent inequality figures that suggest the poorest third of households in London only own one per cent of London's wealth:

Figures purporting to show that the poorest third of households own only one per cent of London's wealth [March 13] are utterly misleading. They use a "net wealth" calculation in which the "poorest" have more debt than assets. But these include people such as middle-class new graduates with student debts but otherwise excellent life prospects. London also has a large population of immigrants and young people who naturally have not accumulated as much wealth as those who are older and longer established. Tessa Jowell calling the figures "obscene" reveals a shocking ignorance of their true meaning.