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Household wealth hit £10.3 trillion in 2008/10

Released: 12 July 2012 Download PDF

Total household wealth in Great Britain was £10.3 trillion in 2008/10, according to the latest Wealth in Great Britain chapters, released today by ONS. This is a rise of 12.9 per cent or £1.2 trillion since 2006/08 when it was £9.1 trillion.

However, the report also highlights widening disparities between the households at the top and bottom of the wealth distribution. The top 10 per cent of households had a total wealth of £4.5 trillion in 2008/10 (up from £4.0 trillion in 2006/08), whereas the bottom 10 per cent had only £0.008 trillion (£8bn), up from -£443 million in 2006/08.

Mean household total wealth grew from £373,000 in 2006/08 to £418,000 in 2008/10; the region with the highest mean value in 2008/10 was the South East at £562,000; the lowest was the North East where mean household total wealth was £322,000.

The overall increase in wealth was mainly down to an increase in pension wealth. Between 2006/08 and 2008/10, overall pension wealth increased from £3.6 trillion to £4.8 trillion. However, pension wealth was not distributed evenly. For households with pension wealth, the top 10 per cent had pension wealth totalling £2.4 trillion, with the bottom 10 per cent having only £0.008 trillion (£8bn).

The report also shows that across Great Britain, 64 per cent of people were not paying in to a private pension in 2008/10, with 42 per cent of adults having no private pension savings at all.

Total net financial wealth for all private households in Great Britain increased by £54 billion (5.3 per cent) to £1,085 billion between 2006/08 and 2008/10. Increases were seen in both household financial assets and liabilities, but the increase in savings outweighed the increase in liabilities.

Background notes

  1. For a full cope of the Wealth in Great Britain report see: www.ons.gov.uk/ons/rel/was/wealth-in-great-britain-wave-2/2008-2010--part-2-/index.html
  2. Total household wealth is a net wealth measure which reflects the sum of property wealth (net), financial wealth (net), physical wealth and private pension wealth.
  3. Net financial wealth is gross financial wealth minus financial liabilities.
  4. Gross financial wealth is the sum of formal financial assets (not including current accounts in overdraft) + informal financial assets held by adults + children’s assets + endowments for the purpose of mortgage repayment.
  5. Financial liabilities are the sum of arrears on consumer credit and household bills + personal loans and other non-mortgage borrowing + informal borrowing + overdrafts on current accounts.
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  9. National Statistics are produced to high professional standards set out in the Code of Practice for Official Statistics. They undergo regular quality assurance reviews to ensure that they meet customer needs. They are produced free from any political interference.
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