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The net wealth of the United Kingdom increased by one trillion pounds in 2021, the greatest yearly rise on record, as the value of land skyrocketed.
According to the Office for National Statistics, the nation’s net wealth climbed by 9.2% to reach £11.8 trillion.
This exceeded the average growth rate before to the financial crisis of 2008
Land accounted for more than 60 percent of the UK’s net worth according to the most recent data, which the ONS attributed to an increase in average home prices.
They also estimated that the average net worth of a British household in 2021 will be £437,681.
However, the United Kingdom’s financial net worth decreased in the same year, with net liabilities of £424.2 billion.
In 2021, for the first time since 2018, the general government’s net worth increased, although remained negative at -£1.4trillion.
According to the Office for National Statistics, the nation’s net wealth climbed by 9.2% to reach £11.8 trillion.
In 2021, the average net worth of a British household was estimated to reach £437,685.
However, the United Kingdom’s financial net worth decreased in the same year, with net liabilities of £424.2 billion.
In 2021, for the first time since 2018, the general government’s net worth increased, although remained negative at -£1.4trillion.
The value of land owned by households increased by 11.2% in 2021, according to ONS data, compared to the previous year.
This was the greatest increase since 2015 and was driven by an 8.3% increase in average housing prices, according to the ONS.
Land (39.5%) and pensions (29.7%) contributed the most to the net wealth of a family.
Overall, household net worth was revised up by £0.5trillion to £12.3trillion in 2021, primarily due to revisions made to pension benefits.
The UK’s financial net worth decreased to -£424.2billion for the third consecutive year.
This was partially owing to a £162.2 billion decline in the net assets of “equity and investment fund shares.”
In 2021, the general government’s net worth remained negative at -£1.4 trillion, however this was the first time since 2018 that it increased.
The general government’s net worth increased by £61,6 billion due to a rise in non-financial assets that exceeded the decline in financial assets
»UK’s net worth grows by a trillion pounds as land values climb«