Wealth gap between UK’s richest and poorest ‘turbo-charged’ by the pandemic

New report reveals that household wealth increased by £900bn

UK banknotes
(Image credit: Shaun Curry/AFP/Getty Images)

Britain’s wealth gap has been “turbo-charged” by the Covid-19 pandemic. According to a report by the Resolution Foundation think tank, total household wealth increased by almost £900bn to £16.5tn – a 6% rise on pre-pandemic levels.

In 2020 the UK suffered its “sharpest economic downturn in more than 300 years”, Reuters says. Despite this the median family saw its wealth rise by £7,800 per adult due to “asset price rises and, to a lesser extent, lower day-to-day spending”. The richest 10% gained £50,000 on average, but the poorest 30% of the population benefited by just £86 per adult.

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