The richest 10% of the British population hold 45% of the country’s personal wealth, according to latest official statistics.
Between 2011 and 2013, just 2.7% of the population had a net worth after settling debts of 31 million or more – but they owned 26.4% of the nation’s wealth.
The Office of National Statistics also worked out that 51% of wealth was held in residential property during that time.
The report ‘UK Personal Wealth Statistics 2011 to 2013’ calculates identified personal wealth based on the value of estates that required a grant of representation.
The research found that the wealthiest people were men aged 65 years old or over. They had an average estate of £332,947.
Men richer than women
For women, the highest net worth was £292,484 in the 45 to 65-year-old age band.
However, in every age band, women held less wealth than men and overall, women had 91% of the wealth of men.
The statistics showed that the assets of men and women varied as well.
Men are more likely to invest in shares and securities, while women tend to have more cash. Ownership of homes and buy to let property was even, although men owned marginally more.
Securities were examined in detail by the researchers.
Although only 2% of estates with a net value of £200,000 or less included securities, the proportion surged to 20% of estates worth between £1 million and £2 million and to 40% of estates worth more than £2 million.
Oldest have the most
Similarly, homes accounted for 55% of estates worth less than £500,000, but this declined to 27% of estates worth more than £2 million.
The findings also noted that while the wealthiest estates had the highest levels of debt, the amount of debt was a lower proportion of the value of the estate than those of the less wealthy.
The spread of cash also varies widely between different age groups.
Although the 18 to 44-year-old age group has a 34% share of the population, they only have a 20% share of cash; while the over 65s account for 33% of the population and hold 43% of cash savings.
The size of estates has grown considerably since the research started in 2001. Then the gross value of estates was £2.744 billion, while in 2011-13, the value had soared to £4.3 billion.
