3 Million Pensioner Millionaires: identifying the numbers
This research is an update to IF’s 2012 pensioner millionaires research, and looks at pensioner wealth according to latest available data from the Office for National Statistic’s Wealth and Assets Survey.
Key Findings:
Great Britain now has more than 3 million over-65s living in millionaire households.
In 2008/10, there were 846,000 over-65s living in households with over £1 million in housing and pension assets.
A decade later, 3,137,000 over-65s were living in millionaire households, and that number has more than tripled and nearly quadrupled.
The figures demonstrate just how much housing and pension wealth has been amassed by older generations and also lay bare the stark intergenerational wealth divide opening up between the generations.
Executive summary
• 3,137,000 people over the age of 65 live in millionaire households - where
the household wealth is over £1,000,000
• The number of older people living in millionaire households has nearly
quadrupled over the last 10 years
• The intergenerational wealth divide has increased sharply
• Older couple households are, on average, more than twice as wealthy as
single people
• Since 2010 a typical (median) older couple has seen their wealth increase
from under £400,000 to over £700,000
• 53% of individuals over 65 now live in households with over £500,000 in
assets
• These figures are based on the Government’s Wealth and Assets Survey
2018-2020, so it is certain that older people’s wealth will now be
significantly greater than the numbers above.
