U.K.'s Net Worth Nears 10 Trillion Pounds After Record 2016 JumpBy and
Almost 9 percent gain from previous year biggest since 2004
Increase reflects increases in the price of property, shares
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.
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.