Mubasher: The United Kingdom’s total net wealth rose by 9%, or GBP 803 billion, to GBP 9.8 billion ($ 13.2 trillion) at the end of 2016, hitting all-time high since 2004, according to the Office for National Statistics’ (ONS) release on Tuesday.
“The increase in net worth has primarily been due to the increase of £477 billion in non-financial assets in 2016”, the release added.
Land has shown to be the most valuable asset in the UK, as the sector has soared by 412% since 1995, compared with an average increase of 211% in the assets overlying the land, ONS data showed.
“Since 1995 the value of land has increased more than fivefold, making it our most valuable asset. At £5 trillion, it accounts for just over half of the total net worth of the UK at end-2016. At over £800 billion, the rise in the nation’s total net worth is the largest annual increase on record,” said Daniel Groves, National Accounts and Economic Statistics, Office for National Statistics.