The average household in Great Britain has a total net worth of around £502,700, but the median is £293,700, which tells a very different story. Here is how household wealth varies by age, based on the ONS Wealth and Assets Survey for April 2020 to March 2022 (the latest release).
Median net worth by age
| Age of household head | Median household wealth |
|---|---|
| 16 to 24 | £15,200 |
| 25 to 34 | £109,800 |
| 35 to 44 | £209,600 |
| 45 to 54 | £301,900 |
| 55 to 64 | £496,500 |
| 65 to 74 | £502,500 |
| 75 and over | £373,100 |
Source: ONS, median household wealth by age of household head, Great Britain, April 2020 to March 2022.
Median household wealth was highest where the household head was aged 65 to 74. ONS says household wealth is typically higher for older households because younger households often have little property wealth, older owners have gained from house price rises, and older households have had longer to build pensions. Wealth starts to decline as pension wealth is used in retirement.
Average (mean) vs median
| Measure | Household wealth |
|---|---|
| Median | £293,700 |
| Mean (average) | about £502,700 |
The mean is our calculation from ONS figures: aggregate household wealth of £13,568 billion divided by 26.99 million households. The mean sits far above the median because wealth is concentrated at the top: the wealthiest 1% of households held 10% of all household wealth, the same as the least wealthy 50% combined.
What household wealth is made of
| Component | Share of total household wealth |
|---|---|
| Net property wealth | 40% |
| Private pension wealth | 35% |
| Net financial wealth | 14% |
| Physical wealth | 10% |
Source: ONS, Great Britain, April 2020 to March 2022.
Net worth percentiles
| Percentile | Household total wealth |
|---|---|
| Top 1% (99th percentile) | £3,121,500 or more |
| Top 5% (95th) | £1,658,100 or more |
| Top 10% (90th) | £1,200,500 or more |
| Top 25% (75th) | £662,100 or more |
| Median (50th) | £293,700 |
| Bottom 25% (25th) | £70,500 or less |
| Bottom 10% (10th) | £16,500 or less |
Net worth by region
Median household wealth varied by region, with the largest gap between the South East (£489,800) and the North East (£179,900), according to ONS for April 2020 to March 2022.
How to Build Net Worth at Any Age
In Your 20s
| Action | Impact |
|---|---|
| Start workplace pension | Employer contributions add to your own |
| Open a Lifetime ISA | £1,000/year government bonus toward first home |
| Build emergency fund | 3-6 months expenses in savings |
| Avoid high-interest debt | Interest cost can outweigh savings returns |
In Your 30s-40s
| Action | Impact |
|---|---|
| Maximise pension contributions | Tax relief at your marginal rate |
| Get on the property ladder | Single biggest wealth builder for most Brits |
| Fill ISA allowance | £20,000/year in tax-free investments |
| Pay down mortgage | Each £100/month overpayment saves thousands in interest |
In Your 50s-60s
| Action | Impact |
|---|---|
| Pension catch-up | Maximum £60,000/year contribution |
| Inheritance tax planning | Protect wealth for next generation |
| Review asset allocation | Gradually reduce investment risk |
| Consider downsizing | Release property equity if needed |
Key Takeaways
- Median household wealth in Great Britain was £293,700 (April 2020 to March 2022), and it varies enormously by age and region
- Median wealth peaks at ages 65 to 74 at £502,500
- Property and private pensions make up about three quarters of household wealth (40% and 35%)
- The South East’s median is £489,800, against £179,900 in the North East
- Starting a pension early is one of the most effective wealth-building actions
Sources
- Office for National Statistics. “Household total wealth in Great Britain: April 2020 to March 2022.” ons.gov.uk
- Office for National Statistics. “Distribution of aggregate household wealth and wealth components, by percentiles” (ad hoc 3134), and the “Total wealth: wealth in Great Britain” dataset.
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy