The median wealth per household was £286,600, up 9% from the previous two years after adjusting for inflation.
The Office of National Statistics reported that the total net wealth of private households in Great Britain was £14.6 trillion in April 2016 to March 2018.
This is an increase of 13% in real terms from April 2014 to March 2016, mainly because of increases in private pension and net property wealth, says ONS.
In its latest report on wealth in Great Britain the ONS also reported:
•Inequality in net property wealth and net financial wealth increased between July 2006 to June 2008 and April 2016 to March 2018, while inequality in pension wealth has fallen.
•Average (mean) wealth for all wealth deciles increased in real terms between April 2014 to March 2016 and April 2016 to March 2018, with the higher deciles seeing the biggest increases
• The average mean wealth increase for the poorest decile of the population was 3% higher while the richest wealth decile increased by 11%.
•London, the South East and the South West of England have the highest median household wealth and also saw the largest growth
•Median household wealth in the North East of England and the East Midlands remains below the level seen in July 2006 to June 2008, despite increases in the latest period.
The ONS also reported increases in pension wealth today. Total private pension wealth in Great Britain was Ј6.1 trillion in April 2016 to March 2018 (42% of total wealth), up from Ј3.6 trillion (34% of total wealth) in July 2006 to June 2008, after adjusting for inflation.
- In the latest period, nearly half (48%) of all private pension wealth was held in pensions in payment, 37% in active pensions and 15% in preserved pensions.
- The percentage of adults below the State Pension age actively contributing to a private pension has increased, from 43% in July 2010 to June 2012, to 53% in April 2016 to March 2018, a factor it believes is mainly due to the introduction of automatic enrolment between 2012 and 2018.
Nathan Long, senior analyst at Hargreaves Lansdown, said: “The gender pension gap shows interesting nuance. Men below State Pension age are slightly more likely to have active pension than women (56%, compared with 51%). Men also have more wealth, £25,300 for the average man compared to £20,000 for a woman. For those over 65 average pension wealth for pensions in payment is double for men compared to women.”