The average (mean) net worth in the UK is significantly higher than the median due to wealth inequality, with recent ONS data (Apr 2020-Mar 2022) showing a median household net worth of £293,700, while the mean is much higher. For individuals, the median total wealth was around £125,000 (2018-2020), with the mean at £305,000, highlighting that the richest 10% hold nearly half the wealth, with significant disparities by age and region, especially the South East.
UK figures from before the pandemic published by the Office for National Statistics (ONS) in 2023 found that an individual's median net worth worked out at £125,000. Taking a mean average, it stood at £305,000.
The wealthiest 1% of households had wealth of at least £3,121,500. The wealthiest 10% of households had wealth of £1,200,500 or more, while the least wealthy 10% had £16,500 or less. For the wealthiest 10% of households, net property wealth (38%) and private pension wealth (36%) made up most of their wealth.
The percentage of millionaires in the UK varies by definition, but recent estimates suggest around 3.6% to 4.5% of the population could be considered millionaires (USD 1m net wealth) in 2024/2028, with projections showing a potential decrease, while roughly 22% of households headed by over-65s have over £1 million in total wealth. The total number of UK millionaires is around 2.75 to 3 million people, with significant regional concentration in London and the Southeast.
Focusing too much on a single asset or sector. Neglecting tax-efficient strategies. A lack of comprehensive estate planning. Not partnering with a high-net-worth wealth management firm.
HMRC doesn't have a strict definition for a high net worth individual, but it does define a “wealthy” individual as someone earning more than £200,000 a year who holds assets worth over £2million across the last three years.
That depends on your age, your income, and your circumstances. It also depends on whether you compare yourself to other people, or to what experts recommend is an ideal net worth. Generally speaking, a $500,000 net worth is good, especially if you're mid-career.
The average age to become a millionaire in the UK is around 55. And the average age to become a billionaire? 66. So, if you're in your 40s—or even your 50s—wondering if it's “too late” to build wealth, just remember: You might not have even started yet.
Quiet wealth is living like a middle-class millionaire. You have serious assets and smart habits, but you blend in, on purpose. You value freedom and options over trophies and attention. Think about a small moment that tells a big story.
The departure of HNWIs from the UK is primarily driven by a combination of new tax policies, including the removal of non-domicile status, changes to Capital Gains Tax (CGT) and Inheritance Tax (IHT), and a perception that the UK is becoming a less favourable environment for wealth preservation and growth.
