Wealthiest Britons claim over 40% of UK wealth

The Momentum UK Team 03 December 2012

The top 10% of Britons are 850 times wealthier than the bottom 10%, a study from the Office of National Statistics Reveals.

The report that reviews figues between 2008 and 2010 has found a large discrepancy in UK wealth distribution. It found that the top tenth of the UK’s wealthiest residents possess 43.8% of the entire aggregate wealth across the whole of the country. This is compared to the 9.9% of wealth possessed by bottom 50% of the nation.

To be within the top 10%, the household must possess over £967,000 in total wealth. The southeast has densest population with 15.5% of residents falling into the highest percentile. The northeast and northwest had the lowest with 7.6% each within this bracket.

The study also revealed a huge divide in households able to prepare for their retirement. This suggest that the problem is infact set to worsen as many reach retirement age.

The top 10% had an average of £742,000 saved in private pensions. Of this proportion an overall majority, (98%) had pension wealth. They were also able to place over half their entire wealth into private pensions.

Compare this to the lowest 10%, and the study shows the average pension wealth is £4,000, with two out of five having no pension savings at all.

Other findings from the study reveal that compared to the bottom 50%, the top 10% possess a net wealth of over £123,200 compared to £400. Over 13% own a personalised number plate compared to 2.5%, and the net property wealth is at £340,000 compared to £0.