(Pic: Expensive accommodation in London being built)
The national office of statistics shows there are vast regional variations when it comes to wealth – with single-parent families among the hardest hit, reports Shola Patterson
The new research has revealed that the value of property owned by households in the capital has gone above £1tn for the first time, with more than a fifth of London households having total wealth of more than £1m. High property values also mean that the cost of living in the South East is higher than the rest of the country.
But almost exactly the same proportion of Londoners live in the poorest households, with total wealth of under £20k, includes the value of equity you have in a property, as well as savings, pension pot and possessions.
The research shows that the poorest households in Britain are single-parent families in Wales and London. In both regions, couples with dependent children have 20 times the household swealth of single-parent families.
Although the South East is the wealthiest region, London is not far behind. The capital is also the most economically complex area of the UK, with high levels of both poverty and also great wealth.
Emma, 28 from Beckton says that wealth is not always about how much money you have in your bank account. “What’s important to me is having my friends and family around me, supporting me and me supporting them. That’s what real wealth is to me.” She went on to say “Of course having money helps, it gives you security to look after the kids, but it’s not the be all and end all of wealth, not to me at least.”
Whilst being good for morale, these ideals do not protect the most vulnerable people in our society, and working on reducing inequality in the Capital and nationwide should remain a key target for the government.
The national office of statistics shows there are vast regional variations when it comes to wealth – with single-parent families among the hardest hit.