The ONS Wealth & Assets Survey published today (24 January) shines a light on the wealth of the UK’s finances. It shows that the median household wealth in Great Britain was £293,700 in 2020-2022 with a sharp split between the top and bottoms deciles and across regions.
The wealthiest 10% of households had household wealth of £1,200,500 or more, while the least wealthy 10% had £16,500 or less. The largest regional difference seen was between the South East (£489,800) and the North East (£179,900).
Homeowners saw the biggest increase in their financial wealth thanks to continued appreciation of property prices while retirees also saw significant gains in wealth compared to the previous period.
Winston Ruddick, senior consultant in the financial planning team at Broadstone, said: “Inequal distribution of wealth across the country is the main takeaway of the latest Wealth & Assets Survey which clearly illustrates a divide between the ‘haves’ and the ‘have-nots’.
“While the top decile are millionaires in terms of their overall wealth, the least wealthy 10% have less than £20,000 which not only leaves them financially insecure in the short-term but paints a bleak picture in terms of their longer-term prospects looking ahead to retirement.
“Property accounts for the highest proportion of household wealth and is evidently the key dividing line as demonstrated by the wealth chasm between the South East and the North East with a median gap in household wealth of £309,900.
“Owning your own home continues to act as a proxy for financial security and wealth appreciation with those who own outright seeing their median financial wealth grow by £4,300 in the two years to 2020-2022 compared to just a £400 bump for renters.”
