Richest 10 per cent households in UK hold half its wealth

The richest 10 per cent of households in the UK now held around half of its wealth, according to a report.

The wealth of the top 10 per cent of households increased three times faster than the bottom 50 per cent between 2012 and 2014, according to Office for National Statistics (ONS) data.

It meant the wealthiest 10 per cent owned 45 per cent of the country's private wealth, worth just less than £5 trillion, even as the poorest half owned just 9 per cent, or just under £1 trillion.

In 2012-14, middle income families accounted for a total wealth of just over £5 trillion in 2012-14, a rise of 17 per cent in two years. Overall private wealth was up by 18 per cent to £11.1trillion.

The wealth gap between the top and bottom 10 per cent had increased by a third since 2006-08, from £3.7 trillion to over £4.9 trillion.

Including property, pensions, items owned and financial products like savings the average wealth of a household stood at £225,100.

To qualify in the top 10 per cent, households needed private wealth worth just over £1million or more.

Two fifths of all households in this bracket were in the south east and London, with only 4 per cent in Wales.

The economic disparities of modern UK had been had been on stark display, as official statistics revealed that the nation's already-yawning wealth gap had widened still further in the past two years.