Inequality of wealth

Inequality of wealth

According to data gathered by the ONS, based on a survey between June 2012 and July 2014, of the four key wealth components (physical wealth, financial wealth, property and pensions), inequality was the lowest for physical wealth, with a Gini coefficient 0.45. This is due to the fact that even those with relatively low levels of wealth have some physical assets, such as cars and electrical appliances.

Gini Coefficients

In contrast, inequality is the highest for the net financial wealth (gross financial wealth minus financial liabilities), with a Gini coefficient 0.91. In terms of property wealth, the survey indicated that property inequality had worsened by the greatest extent over the period covered.

Other key points included:

• The wealth of private households in Great Britain was £11.1 trillion.
• The wealthiest 10% of households owned 45% of total wealth.
• Private pension wealth was the largest wealth component.