We don’t know how many individual pensioners are millionaires

So, a home of two 75-year-olds with an overall wealth of ₤ 1 million, as an example, would see two individuals residing in a household with an overall wide range of ₤ 1 million, despite the fact that the riches is split in between them. Some might think about both to be millionaires, and others might think that neither are. Various other pensioners might live alone in families worth ₤ 1 million, and some may have various other plans, such as staying in intergenerational households with various other family members.

We can not discover information that shows this. According to the Office for National Stats, 27% of over 65s in Terrific Britain live in a family that has a total riches of ₤ 1 million or even more, yet that doesn’t suggest 27% of individual pensioners are personally worth this quantity.

ONS data reveals that in the period from April 2018 to March 2020 (the latest for which data is available), 27% of over 65s in Great Britain– around 3.1 million individuals– stayed in a home with a complete wealth of ₤ 1 million or more.

A home of two 75-year-olds with a total wealth of ₤ 1 million, for instance, would see 2 individuals living in a household with an overall riches of ₤ 1 million, also though the wide range is split in between them. Some might consider both to be millionaires, and others may believe that neither are. Other pensioners may live alone in families worth ₤ 1 million, and some might have other plans, such as living in intergenerational houses with other family members.

We discussed a comparable claim in 2021, and found that data collected for the previous Riches and Possessions Study revealed that among the homes in Great Britain where the main homeowner (the person in charge of household financial resources) mored than 65, 22% (or concerning one in five) had a household wide range of ₤ 1 million or even more.

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For the functions of that scheme, we’ve rated this case as missing out on context
since while 27% of over 65s in Wonderful Britain live in families with a complete wide range of ₤ 1 million or even more, we do not understand the amount of private pensioners directly have this much wide range.

This figure originates from the most current Wealth and Properties Survey, which was released by the ONS in January 2022 and compiled data on home riches, and refers to Excellent Britain, not the UK as a few of the posts state.

The ONS measured a family’s total wide range as “the amount of the four parts of wealth”. These are physical wide range (the self-evaluated value of family contents, ownerships and prized possessions had), pension wide range (the worth of pension pots leaving out the state pension plan), financial wide range (the value of economic properties such as bank accounts, cost savings and supplies and shares) and property wide range (the self-evaluated assessment of home possessed).

The ONS informed Complete Truth they had not given this analysis for the most recent survey. This data still does not inform us the number of specific pensioners are directly worth ₤ 1 million or even more, yet rather the number of are responsible for families worth this value.