Average wealth stable as wealth inequality remains high, according to Scottish Government

The average wealth in Scotland has remained stable, while wealth inequality has remained high, according to new figures published by the Scottish Government.  

The new data, which covers the period during the pandemic, found that a typical Scottish household had £239,500 in wealth, which was similar to previous years.  

The wealthiest 10 per cent of households had £1.3m in total wealth, whereas the least wealthy 10 per cent £7,600.  

Those deemed to be in the least wealthy 10 per cent rarely own property or have private pension savings, and their wealth typically is made up by the value of their possessions, such as cars, furniture, and clothing.  

Data also shows that wealth inequality is more severe than income inequality.  

The two per cent of households with the highest incomes had 10 per cent of all income, while the wealthiest two per cent of households had 15 per cent of the wealth.  

The trends in the data found that the wealthiest households were predominantly made up of higher income households, pensioner couples, and homeowners. 

Households with below-average wealth tend to be low-income households, lone-parent and single working-age adult households, and those in rented housing. 

A fifth of households were found to have insufficient savings to keep them above the poverty line for a month, should they lose their income. 

Three per cent were in unmanageable debt and just over a third of households did not own property. 

According to the World Inequality Report 2022, global wealth inequalities also outweigh income inequalities.  

It reported that the poorest half of the global population barely owns just two per cent of the total wealth. Whereas the richest 10 per cent own 76 per cent of all wealth.