Wealth inequality has increased over the past decade as the burden of debt has fallen hardest on the poor.
The Office for National Statistics biennial wealth and assets survey revealed that the total net wealth of private households rose by 13% to £14.6trn between 2016 and 2018, while debt increased by 4% in real terms to £1.28trn.
The aggregate figures mask stark differences. The richest 10% own 44.6% of private wealth, while the poorest 30% have less than 2%. Meanwhile the poorest tenth have £18bn of non-property debt, while the richest tenth have just £11bn.
The increase in private wealth has been driven by property and financial wealth, which have also shown marked increases in inequality.
Of the £1.28trn of debt, £1.16trn was in mortgages.
