·3-min read
Surrey and Sussex have been revealed to be the wealthiest areas of Great Britain, with residents owning assets worth an average £263,200 each.
The region of Inner London East is the least wealthy, with median wealth of £26,400 per person.
The data, compiled by the Office for National Statistics and covering the period from April 2018 to March 2020, reveals huge disparities between wealth across the country.
The report found that median individual wealth was £157,000 higher in the South East than the North East of England, and that this regional disparity has increased over time.
It also found that the wealthiest 10% of the population are estimated to hold around half of all wealth, primarily in the form of private pensions and property.
The ONS used data from the Wealth and Assets Survey, a two-yearly project measures households' and individuals' assets, debts and plans for retirement.
The overall median total wealth for individuals in Britain was estimated to be £125,000 between April 2018 and March 2020.
London was revealed to be the region with the most pronounced wealth inequality.
Median wealth in South Outer London was £255,900, compared to £26,400 in Inner London East.
Krishan Shah of the Resolution Foundation think tank warned that wealth disparity is getting worse.
He said: "Wealth increased by £500 billion in the two years prior to the pandemic to reach a record £15.2 trillion – and is likely to have defied the crisis and continued growing since.
"With wealth inequality remaining high and unchanged, this means that Britain's huge and absolute gaps in wealth have continued to grow.
"With limited financial resources to protect them from economic shocks, the poorest households were undoubtedly in the worst position heading into the pandemic. Policymakers need to help those worst-affected build financial resilience ahead of future shocks."
The research showed that average individual wealth increases with age, peaking in the 60-to-64 age group at a level nine times as high as the 30-to-34 age group, before falling in older age groups as people use their wealth to support life in retirement.
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Average wealth was estimated to be £101,000 lower for women than men overall.
Average wealth was estimated to be £65,000 lower for people with a longstanding illness or disability than those without, and also £65,000 lower for those identifying as bisexual compared with those identifying as heterosexual.
People from ethnic backgrounds also had less wealth overall than those identifying as white British.
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