Data on household wealth in Great Britain shows that different age groups typically live in households that have accumulated different levels of wealth. There are also regional differences in wealth across Great Britain. Using data from the second wave of the ONS’ Wealth and Assets Survey (2008-2010), it is possible to see how these factors of age and region influence the distribution of wealth.
The first table shows the share of individuals in different age groups, who live in households1 with total household wealth2 exceeding £500,0003. The influence of both age and region is apparent. Amongst 45-64 year olds in the South East region of England, 57% live in households with total household wealth >£500,000. However, for the North East region, amongst the same age group, this proportion is only 34%. Meanwhile, only 11% of adults aged 25-44 and 13% of children aged 0-15 in Yorkshire and The Humber are living in households with similar wealth (>£500,000).
At the lower end of the wealth distribution, the second table shows the percentage share of individuals in each region/age group who live in households with total household wealth less than £50,000. Amongst the older age groups in some regions the share is relatively low. For example, just 6% of 45-64 year olds in the South East live in households with wealth below £50,000 as do just 9% of those aged 65 or over in the South West region.
However, there is some evident variation by region. In the North East region, almost one in four adults aged 65 or over live in households with total wealth less than £50,000 whilst for children aged 0-15 the share in London is 41%.
Pension wealth and property wealth are the most likely sources of wealth to differentiate those at the top and bottom of the wealth distribution. Whilst there is regional variation in both, the regional variation is larger for property wealth.
The main report gives more details of the wealth data analysed by age and region. It includes a number of visualisations showing the regional differences for each of the age groups, and also provides further information on how wealth is influenced by an individual’s age4, with the wealth of older age groups typically higher than for adults in the 25-44 age group.
Source: Office for National Statistics
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