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Wealth in Great Britain ONS report summary 2018

On 1 February 2018, the Office for National Statistics (ONS) released a 70 page statistical bulletin on the Wealth in Great Britain covering the period July 2014 to June 2016. The report is based on interviews from a cohort of 20,000 households. Needless to say, the extrapolation of this survey of 20,000 to a UK population with some 27 million households could be prone to significant deviation from reality. The key points from the ONS are summarised for June 2016:

  • Aggregate total net wealth of all households in Great Britain was £12.8 trillion, up 15% from the June 2014 figure of £11.1 trillion. Interestingly, this sets in some context, total aggregate household debt of £1.2 trillion and UK government debt at £ 1.8 trillion.
  • Median household total net wealth was £259,400, up from £225,100 in the previous period (an increase of 15%).
  • 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 private pension wealth of all households in Great Britain was £5.3 trillion; this has increased by 20.4% from £4.4 trillion in June 2014.
  • 49% of individuals aged 16 to 64 years had some form of active private pension to which they were contributing (up from 44% in the previous period).
  • 66% of employees were actively contributing to a private pension scheme compared with 25% of self-employed, with median current pension wealth for employees being £33,000 compared with £21,000 for the self-employed.
  • 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, a 33% increase from £263,000 in June 2014.
  • Total aggregate debt of all households in Great Britain was £1.23 trillion (a 7% increase from June 2014), of which £1.12 trillion was mortgage debt (6% higher) and £117.0 billion was financial debt (15% higher).
  • 49% of the population had some form of financial debt and 35% had some form of property debt. This was stable compared with June 2014, where 48% had some form of financial debt and 36% had property debt.

The breakdown of aggregate total wealth, by components is illustrated below:

 

(Physical Wealth is defined as the value of household contents, possessions and valuables owned such as antiques, artworks, collections and any vehicles owned by individuals.)

Cantab Asset Management would be delighted to assist you with your wealth management and financial planning. Contact David Saunderson today on 01223 52 2000 or email cantab@cantabam.com