New statistics show average wealth remained stable while wealth inequality remained high.
According to the latest data from just before the pandemic, a typical household in Scotland had £214,000 in total wealth, similar to previous years. 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 cars, furniture and clothing.
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.
Households that tend to be wealthier than others are higher income households, pensioner couples, and home owners. In contrast, households with below average wealth tend to be low income households, lone parent and single working-age adult households, and those in rented housing.
Three out of ten households had insufficient savings to keep them above the poverty line for a month should they lose their income. Four per cent of households were in unmanageable debt. A third of households did not own any property, and a third of adults had no private pension savings.
The released figures were produced in accordance with professional standards set out in the Code of Practice for Official Statistics
The full statistical publication: Wealth in Scotland 2006-2020
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