what is the average net worth of uk individual/family

Reaper

Another measure is the value of people's estates when they die, since these are assets minus liabilities.

According to the Unbiased website the average estate is worth £90,000 net of tax.

Of course you can't extrapolate that directly to the population. On the one hand older people have had longer to pay off their mortgages, while on the other hand rising standards of living mean younger people ought to do better, plus they haven't gone through a lengthy retirement without earnings.

In fact come to think of it I wouldn't try to use it as a measure of general wealth at all.

gozomark

my aim is to have a net worth of 0 when I die

EdInvestor

Reaper wrote: »

Another measure is the value of people's estates when they die, since these are assets minus liabilities.

According to the Unbiased website the average estate is worth £90,000 net of tax.

Pensions and most life assurance aren't included in the estate.

Johnny_Doe

We may be one of the richest nations but we certainly aren't one of the happiest

Reaper

Johnny_Doe wrote: »

We may be one of the richest nations but we certainly aren't one of the happiest

Actually we rank 41 out of 178.
http://www.businessweek.com/globalbiz/content/oct2006/gb20061011_072596.htm

gozomark

EdInvestor wrote: »

Pensions ... aren't included in the estate.

what pension does someone get when dead ??

barak

gozomark wrote: »

what pension does someone get when dead ??

Your spouse might get one, but keep quiet about it

cepheus

Johnny_Doe wrote: »

We may be one of the richest nations but we certainly aren't one of the happiest

Well we are far happier than Eastern European countries and those countries subject to famine and corruption. However, increasing wealth beyond about $10 000 per person doesn't increase happiness very much

tara747

EdInvestor wrote: »

Don't forget that 40% of owner occupied property is owned outright with no mortgage.

IMHO people also don't realise that the levels of prosperity in the Uk have been steadily rising for around 15 years now.Don't forget there was a long period pre credit crunch when the economy was stable, with rising employment and wages, low inflation and interest rates and low basic costs (eg food, gas and elec).

Then there was the massive crash in the prices of consumer goods caused by the China effect. The price of everything from computers and DVDs to home wares to clothes and shoes has plummeted. The advent of stores like Primark means that even someone on benefits can afford a couple of new fashion items a week.;)

People notice that there are a lot more items like plasma TVs and smart cars around and think it's all based on debt.But disposable income has been quite high for years and when prices crashed, such goods became affordable to many people.

Add to that the fact that most families have two incomes and that young people are much better educated so can get better jobs and earn more, and it's not hard to see why we are at or near the top of the European wealth list

Do you work for Gordon Brown? Or do you actually believe what you wrote here (esp the part in bold type)?

Young graduates are worse off than ever, they are in huge debt with no guarantee of a 'traditional' graduate style job to pay it all off. And this is before the recession. I know plenty of 2005/6/7/8 graduates who are still working in call centres/Tesco, or who are in a badly paid job with limited prospects that they could have got 20 years ago with O levels, but which nowadays stipulate a degree - as a way of mopping up the HUGE number of graduates. Who have no choice now but to go to university to get the sort of job that their parents would have got as school leavers. Without incurring huge debts. No wonder young people are so disillusioned.

cepheus wrote: »

I am always believed higher property prices mean lower wealth since it simply costs more to live in the same pile of bricks. Hence for most people this form of 'wealth' is worse than illusionary it is actually negative for most people unless they can somehow realise it by moving somewhere cheaper or exiting from the property market.

The Euro £ rate must be a significant factor when considering 2006 figures, as well as property prices.

Perhaps the one which has been missed is that we should be considering median rather than mean average figures due to the large disparity in wealth between the richest and the poorest in the UK. Half the population shared only 7% of total wealth and only 1% of wealth excluding property in 2003.

http://www.statistics.gov.uk/cci/nugget.asp?id=2

Exactly. Why do so many people miss this point? EdInvestor, take note.

td_007

EdInvestor wrote: »

Why do so many people seem to have a problem believing Britain is a wealthy country?We have always been a member of the G7 wealthiest nations and before that we had the British Empire.

Other people seem to want to denigrate the UK's economic achievements.Why?

Britain as a country and the individual net wealth are two very different things. A measure of how the individual wealth can be also be estimated based how long they could maintain their present standard of living if they had absolutely no income for the next 1 year (Not sure this information is available but would be great to get it). If the net assets were in the range that is being claimed then most of us could take maybe 3-4 years off work and enjoy the sun (perhaps).