The figures, contained in the Wealth in Great Britain report, also showed that the wealthiest 10% of households owned 45% of household wealth, while the least wealthy half of households owned 9% of household wealth.

In July 2012 to June 2014 private pension wealth and net property wealth together accounted for over three quarters of aggregate total wealth of all private households in Great Britain (40% and 35% respectively) with financial wealth accounting for just 14% and physical wealth just 10%.

These proportions have changed over time with private pension wealth accounting for a higher proportion of aggregate total wealth (34%) in July 2006 to June 2008 (the earliest period for which data are available) and property wealth a smaller proportion (42%) in July 2006 to June 2008. Physical and financial wealth have shown much less change.

Overall, the wealth of the top 10% of households increased by 21% between 2010/12 and 2012/14, the report said, while the wealth of the bottom 50% increased by 7%.

Median household wealth was £225,100 in 2012/14, up from £216,500 in 2010/12, a rise of 4%.

Private pension wealth accounted for 40% of total wealth. Median household private pension wealth was £749,000 for households in the wealthiest 10% compared with £2,800 for households in the least wealthy 50%.

Total household non-mortgage debt fell £4bn to £101bn, with median household debt falling from £3,500 to £3,400.

The report stated: “The distribution of wealth is highly skewed towards the top - the wealth held by the richest 10% of households combined was just under £5 trillion and represented a 45% share of aggregate total wealth.

“Conversely the combined wealth of the bottom half of households in the distribution was less than £1.0 trillion; a value which accounted for just 9% of aggregate total wealth.

“The wealth of the least wealthy 10% of households accounted for less than half of 1% of aggregate total wealth.”