Surrey and Sussex have been revealed to be the wealthiest areas of Great Britain, with residents owning assets worth an average £263,200 each.
The region of Inner London East is the least wealthy, with median wealth of £26,400 per person.
The data, compiled by the Office for National Statistics and covering the period from April 2018 to March 2020, reveals huge disparities between wealth across the country.
The report found that median individual wealth was £157,000 higher in the South East than the North East of England, and that this regional disparity has increased over time.
It also found that the wealthiest 10% of the population are estimated to hold around half of all wealth, primarily in the form of private pensions and property.
The ONS used data from the Wealth and Assets Survey, a two-yearly project measures households' and individuals' assets, debts and plans for retirement.
The overall median total wealth for individuals in Britain was estimated to be £125,000 between April 2018 and March 2020.
London was revealed to be the region with the most pronounced wealth inequality.
Median wealth in South Outer London was £255,900, compared to £26,400 in Inner London East.
Krishan Shah of the Resolution Foundation think tank warned that wealth disparity is getting worse.
He said: "Wealth increased by £500 billion in the two years prior to the pandemic to reach a record £15.2 trillion – and is likely to have defied the crisis and continued growing since.
"With wealth inequality remaining high and unchanged, this means that Britain's huge and absolute gaps in wealth have continued to grow.
"With limited financial resources to protect them from economic shocks, the poorest households were undoubtedly in the worst position heading into the pandemic. Policymakers need to help those worst-affected build financial resilience ahead of future shocks."
The research showed that average individual wealth increases with age, peaking in the 60-to-64 age group at a level nine times as high as the 30-to-34 age group, before falling in older age groups as people use their wealth to support life in retirement.
Average wealth was estimated to be £101,000 lower for women than men overall.
Average wealth was estimated to be £65,000 lower for people with a longstanding illness or disability than those without, and also £65,000 lower for those identifying as bisexual compared with those identifying as heterosexual.
People from ethnic backgrounds also had less wealth overall than those identifying as white British.
Latest figures from Credit Suisse in 2021 show there are approximately 685,500 Britons in the richest 1%, with a total wealth of $3.4 trillion (£2.8 trillion). In comparison, approximately 48 million Britons, 70 per cent of the population, have a total wealth of $2.9 trillion (£2.4 billion).
The UK's net worth increased by £1.0 trillion to £11.8 trillion, in 2021; a £0.4 trillion upward revision since the preliminary estimate. This was the largest annual increase on record, with land accounting for over 60% of the UK's net worth.
When it comes to multi-millionaires, 16 out of the richest 20 towns in the U.K. are all in the south east of the country. Windsor is the richest town, with 250 multi-millionaires, others lie in close proximity in Berkshire, Surrey, Oxfordshire or Buckinghamshire.
Wealth Spread Between Great Britain's Regions and Nations
The South East is the wealthiest of all regions with median household total wealth of £503,400, over twice the amount of wealth in households in the North of England.
The median average household net worth in Great Britain was £302,500. The median average household net worth in the South East was £503,400. Households, where the head was retired, are the wealthiest group, with a median average wealth of £489,300.
The European country is ranked sixth on the lineup of the world's wealthiest nations. The Indian economy was only 0.1 trillion dollars less than the UK's, which remained at 3.19 trillion dollars in 2021. By the end of 2022, India is predicted to have surpassed the UK economy.
The Bottom Line. The United Kingdom is the sixth largest economy in the world and a significant player in the world economy. Tourism, manufacturing, retail, and financial services all represent significant sources of income for this world-leading economy.
By now, the facts of Britain's relative poverty are like a catechism: we are the poorest country in northwestern Europe, and, at purchasing power parity, 20 per cent poorer than America. Take away London, and we're poorer than every single US state.
You need more money than ever to enter the ranks of the top 1% of the richest Americans. To join the club of the wealthiest citizens in the U.S., you'll need at least $5.8 million, up about 15% up from $5.1 million one year ago, according to global real estate company Knight Frank's 2024 Wealth Report.
The richest 1% of households were those whose total wealth was more than £3.6 million (Figure 2). The least wealthy 10% of households had wealth of £15,400 or less.
The UK's wealthiest man is now businessman Gopi Hinduja, who is worth a staggering £37.2bn – the largest fortune ever featured on the list. He made it to the top spot after adding an additional £2bn to his fortune.
19th century Britain was the world's richest and most advanced economy, while 19th century Ireland experienced the worst famine in Europe in that century. Real GDP per person almost doubled in the 90 years between 1780 and 1870, when it reached $3263 per capita.
Surrey and Sussex have been revealed to be the wealthiest areas of Great Britain, with residents owning assets worth an average £263,200 each. The region of Inner London East is the least wealthy, with median wealth of £26,400 per person.
Birmingham, a city steeped in history and culture, has become an increasingly attractive destination for the world's wealthiest individuals. Nestled in the heart of England, this vibrant metropolis offers a plethora of experiences and establishments that cater to the discerning tastes of billionaires.
New research from London-based global wealth consultancy WealthInsight reveals the most affluent small towns and villages in the UK. Windsor tops the list with over 850 millionaires, followed by Weybridge with 800.
In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd. As of the end of 2023, this ultra-high net worth population is on the rise, reaching 626,000 globally, up from just over 600,000 a year earlier.
In the UK, the median net worth is £172,000 per person. The average net worth of people between the ages of 16 and 42 is £7,600. 40% of people aged 22 to 29 do not have any savings. The largest average net worth, between £500,000 and £1,000,000, belongs to people over 65.
KEY POINTS: The US is around 30% richer than the UK – that means the average American enjoys more of most goods and services than the average Brit. There are some exceptions: British people spend more on clothing and footwear and consume similar levels of recreation, culture and education.
The United Kingdom has a highly efficient and strong social security system, which comprises roughly 24.5% of GDP. The service sector dominates, contributing 82% of GDP; the financial services industry is particularly important, and London is the second-largest financial centre in the world.
Is 100k in savings a lot in the UK? Yes, it is. The worry is that while 100k might be safe in a savings account, it won't earn a lot of interest – not as much as it might if you were to invest it. Inflation could significantly lower your money's real spending power when held in a savings account over time.
Wealth per head in 2023 prices, £ thousand, by English region. It finds that the highest level of wealth exists in the south-east of England, with average wealth per head being £415,200 – around £195,400 more than the north's £219,750.
Topping the list with a perfect score is Surrey. As the most costly county on our list, the average home here runs over £600,000, making it no surprise that there are over 120 independent schools, 128 golf clubs, and 28 riding schools.
Rightmove has revealed Britain's most expensive streets for 2024, with Buckingham Gate in Westminster topping the list. Famously home to royalty, new research by the property portal found that the esteemed residential area has an average asking price of £9,633,333.
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Introduction: My name is Cheryll Lueilwitz, I am a sparkling, clean, super, lucky, joyous, outstanding, lucky person who loves writing and wants to share my knowledge and understanding with you.
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