The number of millionaire households is on the rise in the UK

The Office for National Statistics (ONS) has released a new report that shows that the number of UK households that could consider themselves as millionaires rose by nearly a third in just two years.

Around 3.6 million households in Britain had wealth in excess of £1million, according to the latest data (collected in 2016). This was up 29 per cent on the figures collected two years before.

In its study, the ONS took into consideration pension savings, investments, assets, and property values, less any outstanding mortgage.

When looking further down the income scale the ONS found that median wealth per British household, after borrowing is taken into account, was £259,400 by July 2016 – an increase of 15 per cent on the figures from 2014.

The ONS found that the wealth of those at the top end of the scale had risen as a result of growing private pensions and property values.

The data showed a 20 per cent rise in pension wealth by July 2016, with the UK total rising to £5.3 trillion.

Meanwhile, property wealth grew by 17 per cent to £4.6 trillion over the same two year period.

Median household total wealth was lowest in the North East of England at £163,000, but highest in the South East of England at £381,000 by June 2016.

Link: Wealth in Great Britain