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Trajectories of Aristocratic Wealth, 1858–2018: Evidence from Probate

Abstract In the past two decades, the decline of the British aristocracy and its apotheosis, the hereditary peerage, have received scant scholarly attention. Major historical works in the 1960s to the 1990s laid much responsibility for the decline on features of the British aristocracy that are anachronistic in modern capitalist societies, such as their landed, rentier status, conspicuously sumptuous lifestyles, and disdain for commerce, helped on by reductions in the value of agricultural land from the 1870s. This article reappraises these arguments by examining the decline of the hereditary peerage's wealth using a newly created data set that includes all available probate grants for peers from 1858 to 2018. The article challenges established research by finding that peers’ absolute wealth but also relative mean wealth did not decline during the agricultural depression of the late nineteenth century, and that serious decline only began and accelerated from World War II. Signs of resurgence appeared in the 1980s, with the value of peers’ grants reaching Victorian levels in real but not relative terms. The comprehensive character of the data and the distinction between real and relative wealth allow for multiple conceptual and analytic additions to the existing debates. We find that new peerages created for businessmen who were much wealthier than the older, landed peers masked decline in the interwar years. Significantly, however, the differences in wealth between old and new peerages disappeared over time, suggesting that the wider aristocracy's decline was due less to characteristics particular to it than to external forces allied to the broader postwar political and fiscal environment.