A survey of official UK data finds that over one million pensioner households have total wealth at £1 million or more, with the number of such households surging by two-thirds (69 per cent) since the years 2006 to 2008.

A survey of official UK data finds that over one million pensioner households have total wealth at £1 million or more, with the number of such households surging by two-thirds (69 per cent) since the years 2006 to 2008.

Crunching numbers issued by the Office For National Statistics for 2010-2012, Prudential says that more than one in ten, or 11 per cent, of over-65 households are in the high net worth category typically courted by wealth managers.

The over-65s as a group also have a greater proportion of millionaires than the country as a whole – 11 per cent compared with the nine per cent of all UK households that are worth more than £1 million. (Editor’s note: Given that younger people have not had so long to save up a financial nest egg, this finding is not surprising on face value.)

“Prudential’s analysis found that the rise in the number of pensioner millionaires is thanks to a significant increase in the average value of pension assets, an increase in the value of the other financial assets held by retired households, and a rise in the average value of property assets for pensioner couples,” it said in a note about its findings.

The median value of private pension assets – excluding those who have no private pension provision – has increased to £82,300 in the most recent figures, up from £60,000 in 2006-2008. The number of people who have some private pension wealth has also increased during this period, to 76 per cent from 73 per cent, Prudential said.

Some 19 per cent of over-65 households have savings and investments worth more than £100,000 – an increase from 15 per cent in 2006-2008.