THE UK BY NUMBERS WEALTH AND DEBT
We present an at-a-glance overview of key topics. This issue’s focus is on wealth and debt, including pensions, home ownership, inheritance, savings and loans. Statistics are from the Institute for Fiscal Studies, the Office for National Statistics and the Resolution Foundation
In July 2014 to June 2016, the wealth held by the top 10% of households was around five times greater than the wealth of the bottom half of all households combined.
Aggregate total net wealth of all households in Great Britain was £12.8 trillion in July 2014 to June 2016, up 15% from the July 2012 to June 2014 figure of £11.1 trillion.
AGGREGATE HOUSEHOLD TOTAL WEALTH BY REGION AND COMPONENTS Great Britain July to June 2016
NORTH EAST NORTH WEST
YORKSHIRE & THE HUMBER
EAST MIDLANDS WEST MIDLANDS
EAST OF ENGLAND LONDON
SOUTH EAST
SOUTH WEST WALES
SCOTLAND 0 Physical 250 Property (net) 500 750 1,000 Private pension 1,250 1,500 1,750 Financial (net) 2,000
2,250 2,500 £ billion
88% of additional property owners are in the top half of the wealth distribution, and 79% of adults who earn income from additional properties as landlords are in the top half of the income distribution. Second home owners continue to stand out even when compared just to their peers; for example over four-fifths (82%) of baby boomer second home owners are in the wealthiest half of their generation.
£
In July 2014 to June 2016, aggregate total private pension wealth of all households in Great Britain was £5.3 trillion; this has increased from £4.4 trillion in July 2012 to June 2014.
There was a striking increase in the value of net property wealth for households in London compared with all other regions; median net property wealth in London was £351,000 in July 2014 to June 2016, a 33% increase from £263,000 in July 2012 to June 2014.
EXPECTED SOURCES OF MONEY IN RETIREMENT, BY AGE AND GENERATION 100%
90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
25 30 35 40 AGE Note: lines are drawn for five-year date-of-birth cohorts. Sample is individuals who are not yet retired 45 50 55 STATE PENSION
Outside of primary housing and financial wealth, the largest component of other wealth is that held in second homes – houses, flats or holiday homes (including timeshares). This amounted to 11% of wealth holdings among 55- to 64-year-olds in 2014-15. Around one-in-six (17%) of 55- to 64-year-olds in 2014- 15 held such other property wealth.
PRIVATE PENSION
SAVINGS
PRIMARY HOUSING
FUTURE INHERITANCE OTHER
PROPERTY 60
PERCENTAGE OF INDIVIDUALS
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