Rise in household wealth masks huge inequalities
Household wealth in the UK has soared past the £7 trillion mark for the first time, according to research from a bank.
It suggests that total household wealth at the end of last year stood at £7.05 trillion, up £2.71 trillion over the last decade, or£86,000 per household.
The rise in the nation's wealth has far outstripped incomes and inflation. The consumer price index has climbed 29 per cent in a decade, while gross household disposable incomes have risen 44 per cent. In comparison the value of household wealth since 2002 has grown by 62 per cent. However most of the increase came prior to 2007, when the economy grew rapidly.
The research by Lloyds TSB Private Banking suggests that the average household is now worth £255,502. But it concedes that there is a massive divide between the wealthy and the rest. Nitesh Patel, economist at Lloyds TSB Private Banking, said: "While wealth has soared in the past decade, there is a large divide in where it has accumulated. The wealthiest 10 per cent of households hold 22 times more wealth, on average, than those in the bottom half."
The Office of National Statistics has revealed that the top 10 per cent of households are worth on average £1.82m; the bottom 50 per cent are worth £82,000.
- 1 Chelsea victory parade mocked on Twitter as 'tens of fans' pack the streets of London
- 2 Preston fan who appeared to snatch Jermaine Beckford's shirt from eight-year-old boy identified and says: 'the truth will come out'
- 3 Johnny Depp facing 10 years in jail for illegally bringing dogs to Australia
- 4 US warned by Chinese media to stop meddling or 'war will be inevitable'
- 5 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
Australian man punched in the face for defending Muslim women from abuse on train
Johnny Depp facing 10 years in jail for illegally bringing dogs to Australia
US warned by Chinese media to stop meddling or 'war will be inevitable'
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
A nation of inequality: How the UK is failing to feed its most vulnerable people
iJobs Money & Business
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...
£16 - 20k: Guru Careers: A Graduate Editor / Editorial Assistant is needed to ...
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...