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ONS: Large disparity between rich and poor | ONS: Large disparity between rich and poor |
(35 minutes later) | |
The richest households in Britain are getting rich quickly, while the wealth of the poorest is growing much more slowly, figures show. | The richest households in Britain are getting rich quickly, while the wealth of the poorest is growing much more slowly, figures show. |
In the two years to June 2014, the wealthiest 10% of households got 21% richer than in the preceding two years, according to the Office for National Statistics (ONS). | In the two years to June 2014, the wealthiest 10% of households got 21% richer than in the preceding two years, according to the Office for National Statistics (ONS). |
However, the wealth of the poorest households increased by just 7% over the same period. | However, the wealth of the poorest households increased by just 7% over the same period. |
Those in the middle got 17% richer. | Those in the middle got 17% richer. |
The ONS noted that "the disparity in the change was large". | The ONS noted that "the disparity in the change was large". |
The total wealth of all households in Britain was £11.1 trillion, according to the ONS Wealth and Assets Survey. | The total wealth of all households in Britain was £11.1 trillion, according to the ONS Wealth and Assets Survey. |
That was a rise of 18% on the previous two-year period. | That was a rise of 18% on the previous two-year period. |
The main reason for the increase was the rise in private pension wealth, not the rise in property values, the ONS said. | The main reason for the increase was the rise in private pension wealth, not the rise in property values, the ONS said. |
On average, the amount of household wealth represented by property actually fell from 37% to 35% over the period. | On average, the amount of household wealth represented by property actually fell from 37% to 35% over the period. |
Private pension wealth increased from 37% of assets to 40%. | Private pension wealth increased from 37% of assets to 40%. |
Those at the bottom end of the wealth scale appear to have benefited the least from rising property prices. | |
They have seen a smaller proportion of their assets accounted for by property every year since 2006. | |
Those who are in the bottom 50% have much more of their wealth in physical assets, such as cars or household goods. |
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