Baby Boomers (65+) have long held the title as the UK’s wealthiest generation. New analysis from Netwealth, the challenger wealth manager, highlights the extent to which Baby Boomers are consolidating this position.
Netwealth’s analysis of the current ONS Wealth and Assets data between the years 2006-2016 highlights that Baby Boomer households’ share of wealth has grown considerably over just a ten year period. Total household wealth in the UK grew to £12.8 trillion in 2016, up substantially from £8.5 trillion in 2006, with Baby Boomers taking the lion’s share of this increase.
In 2006, those aged 65+ owned 28% of the UK’s total household wealth. However, over the course of a decade this has increased to over a third of total UK household wealth at 36%. In short, for every £1 of UK household wealth, Baby Boomers own 36p.