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Industrial Revolution

While economic growth was dazzling thanks to the Industrial Revolution (it averaged 1.6%, compared with 0.3% in previous centuries), European societies were transformed into genuine rentier societies, with ever-increasing inequalities: Great Britain, Sweden and France became the three most unequal countries in history, with the top 10% of the population owning an average of 91%, 88% and 84% of national wealth respectively, while the bottom half of the population owned 1%, 1% and 2% of national wealth respectively. The most unequal city in History is Paris, where the wealth of the richest 1% rose from 49.4% to 66.5% of the city's total wealth between 1810 and 1910, while over the same period the wealth of the poorest 50% of households fell from 1.3% to 0.2%.