Fifth of households in UK own two thirds of the wealth

The richest fifth in Britain own 62 per cent of all wealth while the poorest half hold just nine per cent.

Household wealth reached £9trillion between 2006 and 2008 with £5.5trillion of that held by the richest 20 per cent, according to the Office of National Statistics.

Cash in hand: The richest fifth in the UK own 62 per cent of the nation’s wealth

The average wealth of households was place at £204,500.

The new wealth and assets survey also showed people are struggling to repay loans while one in ten is in negative net wealth – where their debts outweigh anything they own.

Worryingly, just 50 per cent of people saved in the last year, although 37 per cent had place some money away in the last month, the survey showed.