South East England has the biggest share of the UK’s wealthiest households, a survey by the Office for National Statistics (ONS) has revealed.
Of all households analysed by the UK government’s Wealth and Assets Survey, 15.5% of UK’s South-East region had a value of total wealth greater than £967,000, followed by London and the South West with respectively 12.5% and 11.2% of households with a total greater than £967,000.
Overall, the wealthiest tenth of households in the UK owned more than 40% of overall wealth and were 850 times wealthier than the least wealthy tenth of households.
Wealthiest UK households sitting on £4.5trn
The combined net wealth of all private households in Britain was £10.3tn, while the wealth held by the richest 10% of households was estimated at £4.5tn, or a 43.8% share of aggregate total wealth.
According to the ONS, the wealth held by the top 10% of households 4 times greater that the wealth of the bottom half of all households combined.
According to the report, the wealthiest households were required to have a total wealth of over £2.8m to make it to the top 1% households.
Most affluent have average £747,000 private pension wealth
Nearly all households sitting on the top 10% had private pension wealth (98%), with a median value of private pension wealth for that segment amounting to £747,000.
The net financial wealth and physical wealth (household possessions or valuables) accounted for 12.7% and 4.8% respectively with a value of £123,000 and £68,000 for the same segment.
The net contribution of property wealth to the combined total wealth of the top 10% of households was 25.9% with a median value of £340,000.
