Household wealth is highest among those aged 45–64 and among those living in the south east region, according to a new analysis from the Office for National Statistics based on the Wealth and Assets Survey.
Total household wealth is found by adding together property wealth (net), financial wealth (net), physical wealth and private pension wealth. It excludes business assets, accrued rights to state pensions and assets held in trusts.
- Household wealth is highest among those aged 45–64, is still relatively high among the 65+ age group, but is lower for households in which children or young adults (aged 25–44) live.
- The share of the population in Great Britain living in households with total household wealth greater than £500,000 is 20 per cent for the 0–15 age group, 17 per cent for ages 25–44, 43 per cent for ages 45–64 and 31 per cent for adults aged 65 or over.
- The proportion of people living in households with total household wealth of less than £50,000 is 30 per cent for the 0–15 age group, 25 per cent for ages 25–44, 12 per cent for ages 45–64 and 14 per cent for adults aged 65 or over.
- A higher share of people in the south east region live in wealthy households than is the case for other regions. Only 6 per cent of adults aged 45–64 in the south east region live in households in which total wealth is less than £50,000, although 28 per cent live in households with wealth greater than £1 million. This compares with averages for Great Britain as a whole of 12 per cent and 19 per cent respectively.
- People living in the north east region are more likely to live in relatively less wealthy households than is the case for other regions. This is particularly the case for those aged 65 and over.
- London has a 'hollowed out' wealth distribution, with relatively high shares at both the top and bottom of the wealth distribution and therefore relatively fewer in the middle. 22 per cent of those aged 45–64 live in households in which total wealth is greater than £1 million, and 18 per cent in households in which total wealth is less than £50,000 (both higher than the GB average).
Source: Total Household Wealth by Region and Age Group, Office for National Statistics
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