Typical Scottish household had £214,000 in wealth pre-pandemic

The latest ONS figures also show that a typical Scottish household in the wealthiest 10 per cent of households had £1.6 million in total wealth, whereas a typical household in the least wealthy 10 per cent of households had £7,500.

Wealth inequality was more severe than income inequality: the two per cent of households with the highest incomes had nine per cent of all income but 15 per cent of all wealth.

Households that tend to be wealthier than others are higher income households, pensioner couples, and home owners. In contrast, households with below average wealth tend to be low income households, lone parent and single working-age adult households, and those in rented housing.

Three out of ten households had insufficient savings to keep them above the poverty line for a month should they lose their income. Four per cent of households were in unmanageable debt. A third of households did not own any property, and a third of adults had no private pension savings.