ADVERTISEMENT

U.K.'s Net Worth Nears 10 Trillion Pounds After Record 2016 Jump

U.K.'s Net Worth Nears 10 Trillion Pounds After Record 2016 Jump

(Bloomberg) -- The U.K.’s net worth increased the most on record last year, as the value of land continued to increase.

The nation’s total worth was estimated at 9.8 trillion pounds ($13.2 trillion) at the end of 2016, the Office for National Statistics said Tuesday. That’s 803 billion pounds higher than the previous year -- and, at almost 9 percent, the largest percentage rise since 2004.

U.K.'s Net Worth Nears 10 Trillion Pounds After Record 2016 Jump

The jump was primarily driven by non-financial assets, with the value of land increasing by 280 billion pounds. Other significant contributors included loans and equity and investment fund shares and units, the report said.

At 5 trillion pounds, land value has increased more then fivefold since 1995, and now makes up more than half the U.K.’s total worth. Still, the rate of increase slowed in 2016, reflecting the more moderate pace of house-price increases.

To contact the reporters on this story: David Goodman in London at dgoodman28@bloomberg.net, Jill Ward in London at jward98@bloomberg.net.

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Brian Swint, Andrew Atkinson

©2017 Bloomberg L.P.