Ever considered how wealthy you are compared to other people? New UK data has been published that breaks down wealth ownership by age and region.
Figures from the Office for National Statistics (ONS) show that the median worth of someone in the UK is now £125,000, while the mean average is £305,000.
Broken down, the data shows that the richest 10% are estimated to hold almost 50% of total UK wealth while the poorest 10% hold 0.02%.
These disparities can be further understood when considering differences by age group. An individual’s net worth increases with age, as they accumulate assets and their investment returns mature. Moreover, pension pots are also factored into net worth calculations as retirement nears. The ONS data shows someone in the 25 to 34 bracket valued at £66,081, while an individual aged 55 to 64 holds total wealth of £575,038.
The geographical metrics also illustrate regional disparities in household net worth, with the South East, for instance, registering £489,800 – well above the median national figure of £293,700.
How is someone’s net worth calculated?
This is typically achieved by deducting liabilities from assets. The latter might include property wealth, pensions or physical assets such as a car, antiques or art. Liabilities, on the other hand, include taxes or outstanding financial debts, credit cards, mortgages and loans.
If you are based in the Chester area and need a clearer picture of your average net worth, call financial planner Hartey Wealth Management to get savings advice in Cheshire.
