UK net worth increases

UK’s net worth climbs in 2020 Data from the Office for National Statistics (ONS) shows that the UK’s net worth grew by 4.4% in 2020, despite the economic impact of the coronavirus pandemic. The UK’s net worth was estimated at £10.5trn in 2020, an average of £158,000 per person, with the total lifted by an increase in savings and growth in pensions. Household net worth grew by £900bn, with the 9.1% increase taking the total to nearly £1trn. The rise in household wealth came despite a 9.8% slide for the economy in 2020, the steepest slump since 1709. ONS deputy chief economist Richard Heys said: “Despite the pandemic and recession, the net worth of the UK rose strongly in 2020, led by households. The total value of our households benefited from rising house prices, with stamp duty changes probably a key factor”.