UK private wealth 'set at £9tn'

Private wealth held by UK households totalled £9 trillon in 2006-08, according to a new study.

The Wealth in Great Britain report, which has been released by the Office for National Statistics (ONS), showed that median household net wealth was £204,500 over the period, while property and private pensions each accounted for 39 per cent of the total amount held by households.

According to the data, the wealthiest 20 per cent of households in the country held 62 per cent of the total, with the least wealthy half accounting for just nine per cent.

And geographical location also affected estimates, with the south-east of England having a median household wealth of £287,900, which fell to £150,600 in Scotland.

The ONS observed that ’just over 50 per cent’ of those questioned said they had saved in the 12 months prior to the survey taking place, while 83 per cent are expecting to receive a state pension.

Last month, the National Association of Pension Funds urged the government to be more supportive of workplace pensions after a survey showed these are becoming less accessible to employees.ADNFCR-2318-ID-19512059-ADNFCR