Wealth gap

Meeting: 
MQT on 2017-08-10
Session date: 
August 10, 2017
Reference: 
2017/3358
Question By: 
Fiona Twycross
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

Can you tell me what the gap between the richest and poorest Londoner is, for each year from 2010 to present? How does this compare to the national average?

Answer

Answer for Wealth gap

Answer for Wealth gap

Answered By: 
The Mayor

The official source of data on wealth is the Wealth and Assets Survey (WAS), produced by the ONS. This uses 3-year survey periods due to the intensity of the survey methodology. Data from the WAS suggests the wealth at the 10th, 50th and 90th  percentile of the distribution for the 2010-12 and 2012-14 survey periods were for London:

London

Great Britain

July 2010 to June 2012

10th percentile

£6,800

£12,900

50th percentile

£210,500

£216,500

90th percentile

£1,084,200

£914,600

July 2012 to June 2014

10th percentile

£4,600

£12,600

50th percentile

£239,300

£225,100

90th percentile

£1,356,900

£1,048,500

These figures refer to total net wealth and the units of measurement are households. This measure incorporates net property wealth, physical wealth, net financial wealth and private pension wealth. It does not include business assets owned by household members or rights to state pensions.