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UK net value figure reaches £7.6tn

The UK's net value rose to £7.6 trillion last year, making each person worth £119,000, official figures showed today.

Wealth is increasingly tied up in homes, with dwellings now representing more than three-fifths of the total after rising 5% to £4.7 trillion at the end of 2013, according to the Office for National Statistics (ONS).

Financial firms rose nearly five times in value as banks shored up their balance sheets but Government and corporate debt dragged on the nation's worth.

The UK total was 4% higher than the previous year's £7.3 trillion. The figure for individual worth was based on a population estimate of 64.1 million and is an increase from £114,000 at the end of 2012.

Each household is worth £289,000, based on a total of 26.4 million.

Estimates of the UK's net worth have more than doubled since 1997, since when they have been rising consistently with the exception of the downturn in 2008 and 2009.

Dwellings remained the most valuable non-financial asset at the end of 2013, up from £4.4 trillion a year before, and accounted for 61% of the total, an increase from 57%.

Total non-financial assets - which include bricks and mortar as well as intellectual property and natural resources - increased in value to £7.9 trillion.

In terms of financial assets such as shares and deposits, the nation sunk deeper into the red with liabilities rising by £19 billion, or 8%, to £266 billion.

Non-financial corporations had a negative net worth of £1.2 trillion, having declined in value by £1.6 trillion since 1997.

Financial corporations were worth £533 billion, up from £113 billion at the end of 2012.

General government was worth minus £158 billion, compared to minus £181 billion a year before, as financial liabilities grew by £13 billion but other assets increased.

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