Wealth in Scotland is rising but inequality remains high
New statistics released by Scotland’s chief statistician show rising household wealth in recent years, while wealth inequality remained high.
According to the latest data, households in Scotland had just over one trillion pounds in personal wealth in 2016-2018. Recent wealth growth since 2010-2012 was caused mainly by rising pension wealth.
Wealth inequality was more severe than income inequality: the 2% of households with the highest incomes had 9% of all income, while the wealthiest 2% of households had 15% of all wealth.
After a previous decline, wealth inequality has been largely stable since 2010-2012.
A typical household in the wealthiest 10% of households had £1.6 million in total wealth, whereas a typical household in the least wealthy 10% of households had £7,500.
The least wealthy households rarely own property or have any private pension savings. Their wealth is mainly made up of the value of their possessions such as clothing or furniture.
Households that tend to be wealthier than others are pensioner couples, married couples, homeowners or households with higher formal qualifications.
On the other hand, households that often have below-average wealth are lone parent households, those in social rented housing, or where the head of the household is unemployed or economically inactive but not retired.
The data also found that one third of households had insufficient savings to cover basic living costs for three months in the event of an emergency, whilst 3% of households were in unmanageable debt.
A third of households had no property wealth, and almost a fifth of households had no private pension wealth.