Receive up-to-the-minute news updates on the hottest topics with NewsHub. Install now.

UK’s total wealth hits GBP 9.8tr in 2016

December 5, 2017 3:34 PM
9 0
UK’s total wealth hits GBP 9.8tr in 2016

Mubasher: The United Kingdom’s total net wealth rose by 9%, or GBP 803 billion, to GBP 9.8 trillion ($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.


Share in social networks:

Comments - 0