UK household wealth has passed the £7tn ($10.7tn) mark, figures released by Lloyds TSB Private Banking show.

The rise has come off the back of a 4% increase in financial assets between 2004-2012, conversely housing wealth has dropped from 45% to 41% during the same period.

Financial wealth has seen significant growth in the decade leading to 2012, with the sector adding £1.7trn to household prosperity, over half of theses financial assets are tied up in either life insurance or pension funds.

Despite the financial crisis, household wealth has managed to grow by £478bn since 2007, with average household assets now standing at £255,502 per household, including property.

Global consultancy Wealth Insight estimated that there has been a 12% drop in high net worth individuals (HNWI) between 2007-2011, despite the overall decade increase reported by Lloyds TSB.

However Wealth Insight, who provide analysis, data and forecasts on HNWI’s and the wealth sector around the world, are forecasting a 14.7% rise by 2015.

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Nitesh Patel, economist at Lloyds TSB highlighted that most of the growth had come in the "boom" years prior to 2007, when the economy was still expanding with strong employment and incomes.

Patel also made reference to the divide in wealth which has occurred during this period.

"The wealthiest 10 per cent of households hold 22 times more wealth, on average, than those in the bottom half.

"This is a substantial gap, although many of the wealthiest are older individuals who have had a much longer time to accumulate their wealth holdings, as well as to reduce their debts.