Friday, December 11, 2009

So how rich are you?

The Office for National Statistics have just released a UK "wealth & assets" survey and it's fascinating reading.

There are a bewildering amount of statistics but the most pertinent is probably that median household wealth is £204,500 - most of which is made up of property & pension assets.

Of course the figures vary wildly dependant upon location & age - no surprises that a middle aged Londoner is worth more (on paper) than a 20 year old in the highlands.

It does though allow you to compare your wealth to those around you.  The calculations are actually pretty simple. 

Add up your property wealth, financial wealth, physical wealth (cars, TV's etc not your six pack) and private pension wealth.

Now, subtract your household borrowings and arrears.....if you need a calculator then you're wealthier than me.

There's a synopsis of the findings on this BBC blog by Mark Easton and I'll leave you with his secret to accumulating wealth:

So, if you do sincerely want to get rich, get a degree, buy a house in Surrey, live with a pensioner and don't have children.

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