This figure was up from 25% in 2009-10, according to research by the Institute for Fiscal Studies (IFS) which shows that the top 1%, consisting of 500,000 people who have an income before tax of over £130,000, had a share of after-tax income of 11% in 2018-19 compared with 14% in 2009-10.

The top 1%’s share of after-tax income has fallen by more than their share of pre-tax income which means that the UK’s tax system is largely progressive as it is raising more tax from those with higher incomes, the IFS said.

The research also found that in 2018-19 50,000 people, or 0.1% of the 1% had incomes in excess of £500,000. This tiny group accounted for 6% of all income which is 60 times greater than its population share.