Bountiful Britain: UK net wealth rises to £7.6 trillion - that’s £119,000 per person

Good news everyone, you’re probably much richer than you realised.

According to the ONS the net worth of the UK stood at £7.6 trillion at the end of 2013. This is equivalent to £119,000 per person in the UK, or £289,000 per household.

This is an increase of 4% since the end of 2012.

Non-financial assets, such as property and possessions saw a leap in value, helping boost the figures.

The ONS said that the booming property market has been a significant factor in raising the UK’s net worth.

 “Dwellings remained the most valuable non-financial asset in the UK. Dwellings have increased in value in recent years, except for a fall in 2008. At the end of 2013 they accounted for 61% of the UK’s net worth.”

But an even greater increase was seen in the worth of the UK’s financial institutions. The sector increased by £421 billion (373%) in 2013. According to the ONS, the most valuable financial transaction in this sector was loans, which a financial net worth of £1.8 trillion.

However, financial assets have taken a bit of a nosedive. Net financial assets and liabilities decreased in value by £19 billion (8%), since 2012.

Nonetheless, without removing the effects of inflation, the ONS estimates of UK net worth have more than doubled from 1997 to 2013. “Since 1997 they have risen consistently, with the exception of the economic downturn in 2008 and 2009.”

Excellent. If only all this incredible wealth could be shared out a bit more equally…

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