According to the Office for National Statistics, 27% of over 65s in Great Britain live in a household that has a total wealth of £1 million or more, but that doesn’t mean 27% of individual pensioners are personally worth this amount. ONS data shows that in the period from April 2018 to March 2020 (the latest for which data is available), 27% of over 65s in Great Britain—around 3.1 million individuals—lived in a household with a total wealth of £1 million or more. But it’s important to note that this data covers individuals who live in a household with a cumulative wealth of £1 million or more. It does not mean 27% of over-65s are personally worth that amount.

In April 2020 to March 2022, 14% of households in Great Britain had £1 million or more in total wealth, and 12% had less than £20,000.[3] This is based on Office for National Statistics (ONS) Wealth and Assets Survey data on total household wealth, including property, private pensions, financial and physical wealth. The report does not give a "25% of pensioner households" figure, but establishes that overall only 14% of all households are millionaires on this total-wealth basis.

Median household wealth in Great Britain was £293,700. The wealthiest 10% of households had household wealth of £1,200,500 or more, while the least wealthy 10% had £16,500 or less.[1] Median household wealth gradually increased with age, from £15,200 for households with a head aged 16 to 24 years, to a peak of £502,500 for households with a head aged 65 to 74 years.[1] The wealthiest 1% of households had wealth of at least £3,121,500.[1] This bulletin provides context on older households’ wealth levels but does not directly state that 25% of pensioner households exceed £1 million.

We estimate pension wealth based on data collected as part of the Wealth and Assets Survey (WAS). Please note that the latest estimates cover the period April 2018 to March 2020. For this period, bespoke analysis has shown that a significant share of older individuals have pension wealth exceeding £1 million, but this is pension wealth only and does not directly measure total net worth or the proportion of all pensioners who are ‘millionaires’ in terms of overall household wealth. The WAS data is designed around households and wealth components rather than counting individual millionaire pensioners.

In 2018–2020 there were approximately 11,619,000 individuals in the 65+ age cohort, of which 27% lived in a household with a total wealth above £1,000,000. This implies that there were approximately 3,137,000 individuals aged 65+ who lived in a household with a total wealth above £1,000,000 in 2018–2020. The figures refer to people over 65 living in ‘millionaire households’ – that is, households whose total wealth exceeds £1 million – and not to the number of individual pensioners whose personal net worth is over £1 million.

Full Fact, drawing on Office for National Statistics (ONS) data for 2016–2018, reports: "Data the ONS collected between 2016 and 2018 shows that one in five households (22%) in Great Britain, where the main householder (the person responsible for household finances) is over 65, have a household wealth of over a million pounds. The data also shows that one in four people aged over 65 (25%) lived in a household with a total wealth of over a million pounds." It summarises that "One in five over-65s in the UK is classified as a millionaire" when including property and pension wealth, not just financial assets.

The data underpinning the claim that 27 per cent of pensioners are millionaires comes from the Office for National Statistics (ONS). Its latest data on wealth and equality in the UK was released in 2023, covering between 2018 and 2020. Between April 2018 and March 2020, 27 per cent of people in this age bracket live in households with total wealth of more than £1m. The figures also refer to the number of people who live in households valued at £1m or more, rather than individual millionaires. This means two people aged 65+ living in a household worth £1m would both be included in the millionaire category, despite that wealth being split between them.

Analysis of government figures by Aegon has found there are 840,000 retired couples in the UK who have a weekly income which would cost more than £1.15 million if bought as an annuity. The richest 20% of pensioners, equivalent to 840,000 couples, now have an average net income (after income tax, NI and council tax) of £988 per week or an annual income of £51,376. This research uses the concept of ‘pensioner millionaires’ based on the theoretical cost of purchasing an annuity to match their income, not on measured total household wealth or net worth data from the ONS.

This report examines how much income pensioners get each week and where they get that income from. It looks at how their incomes have changed over time. In the financial year ending (FYE) 2023, 49% of pensioners were in the top half of the overall income distribution. The publication focuses on pensioner incomes and does not provide a statistic such as ‘25% of pensioners are millionaires’; it uses income deciles and distributions rather than counts of millionaire pensioners.

In this Institute for Fiscal Studies briefing on older people’s wealth, the authors note: "Wealth is held very unequally – the least wealthy 10% of individuals have essentially no wealth on average, while the richest 10% on average have in excess of £1 million." For older cohorts, they state: "Wealth is held very unequally among older individuals in England – 10% of individuals aged 55–64 are in households with virtually no non-pension wealth, while the richest 5% of individuals are in households with non-pension wealth in excess of £1 million. Most wealth is held in owner-occupied housing and private pensions."

Total net household wealth as a share of national income has approximately doubled over the past four decades.[5] The report uses thresholds such as per adult net wealth of £250,000, £500,000, £1 million, £2 million and £5 million to define "high-wealth" families.[5] It shows that families with per-adult wealth above £1 million are a relatively small fraction of the population, and highlights that excluding pension wealth raises top wealth shares.[5] This helps contextualise how rare £1m+ wealth is, especially when measured per adult rather than per household.

The UK is set to lose the highest number of total millionaires in the world at -0.93% of our per-capita population, or -20.5% of our total millionaire population by 2028. UBS/Credit Suisse estimate that there were 3,061,553 total millionaires in the UK in 2023, and forecast a reduction to 2,542,464 by 2028. 4.55% of British residents are millionaires in 2024, however, it is forecast that this will fall to 3.62% by 2028. Total millionaires are defined as net wealth across all assets, including housing and private pension funds and cash. There are now 602,500 liquid millionaires in the UK as of 2023, a decrease from 2007, where the UK had 708,500 liquid millionaire residents.

"27% of people aged 65 and older in the UK live in households with a total wealth of £1 million or more. 1.1 million of the 12.6 million ..."[7] The post states that "it seems that the ONS produced a UK wide survey in 2019 which stated this, in fact they said 27%." It claims the ONS took into account property, investments and income.[7] The author notes they have "heard, on several podcasts now, the statement that 'a quarter of all pensioners live in millionaire households'", and is seeking the source.[7] This is a secondary, informal reference attributing a 27% figure to ONS but without a direct citation.

In an IFS discussion on pensioner wealth (video), researcher Rowena Crawford cites ONS wealth statistics for those over 65: "So, basically, if we're looking at people over the age of 65, some ONS stats show that about half of them have more than half a million pounds in wealth in their households and about kind of one in five have more than a million pounds in wealth." She also explains that "about 30% [of that wealth is] from housing" and that over 80% of wealth in this group is in pensions and housing, highlighting that the ‘millionaire’ measure is based on total household wealth, not liquid assets.

"The top 10%, who are just one in 10 people, own well over a third of all the UK's national wealth. And the top 1% owns an extreme share within that."[6] The analysis, based on ONS data, notes that "by the time you get to the 10th group" (top decile), average wealth is "£4.5 million per household" and that the top 10% have average wealth around "£2.3 million per person".[6] It emphasises that wealth is highly concentrated at the top and that the typical person (middle groups) has around £400,000 of personal wealth, illustrating that millionaire status is limited to a minority rather than a quarter of all households.[6]

The post-war generation now in their 60s and 70s are often portrayed as wealthy beneficiaries of circumstance. Yet almost one in five live in poverty. Many more are just about getting by. This blog highlights that while some older people live in high-wealth households, there is substantial inequality, and the stereotype that all or most pensioners are ‘millionaires’ is misleading.

Trevor Phillips corrected himself on Sky News this morning after apparently stating last week that 75 percent of UK pensioner households were worth over a million. He actually meant 25 percent.[2] One commenter writes: "17% of households have a total net worth over £1m so it's not a stretch to think that this figure would be at least 8% higher for households where the head is over state pension age."[2] The thread discusses how including state pension entitlements, NHS and social care entitlements could raise the effective wealth of pensioner households, but also notes that "having a net worth of 1 million does not equate to wealth in retirement; the term 'millionaire' is misleading."[2]

"A quarter of all pensioners are millionaires. Meaning their net worth is a million or above. Their assets minus their liabilities equals 1 ..."[9] This Instagram reel presents the claim that 27% of pensioners are millionaires as a "money lesson", defining millionaire status as having net worth of £1 million or above.[9] The content does not provide a direct statistical source, but shows how the "quarter of pensioners" figure has spread into popular personal finance messaging.[9]

Discussion of a fact-check article notes: “According to the Resolution Foundation, 90 per cent of UK personal wealth is held in pensions or housing. The figures also refer to the number of people who live in households valued at £1m or more, rather than individual millionaires.” Commenters reference the statistic that “27 per cent of pensioners are millionaires” and clarify that it comes from ONS data on wealth of households with members aged 65+, not a direct measure of individual pensioners’ net worth. The thread highlights confusion between ‘millionaire households’ and ‘millionaire pensioners’ in online debate.

According to the UBS Global Wealth Report and Credit Suisse data, the United Kingdom is home to roughly 3,061,000 millionaires.[4] Henley & Partners and New World Wealth data indicate that the United Kingdom had approximately 602,500 "liquid millionaires" in 2023, defined as individuals holding over 1 million US dollars in investable assets and cash.[4] The video also cites ONS data that the median household in Great Britain holds total wealth of £293,700, with net property wealth accounting for 40% and private pension wealth 35% of total household wealth.[4] This shows the overall scale and composition of UK wealth but does not specifically quantify pensioner households at the £1m threshold.

This IFS report reassessing wealth distribution notes that pensions make up the majority of household wealth: "Around 54% of total household wealth was held in pensions under our methodology, compared with just 38% under the ONS methodology." It further explains that how pensions are valued "has a substantial impact on estimates of the level and distribution of wealth," showing that counts of ‘millionaire’ households are sensitive to methodological choices, especially about pension wealth valuation.

A post states: “27% of pensioners live in millionaire households, not all are broke.” This phrasing reflects the interpretation of ONS Wealth and Assets Survey data that about 27% of people aged 65 and over live in households where total wealth exceeds £1 million. The wording again focuses on ‘millionaire households’ rather than establishing that a specific percentage of pensioners in the UK have individual net worth above £1 million.

The Office for National Statistics’ Wealth and Assets Survey (WAS) provides data on household wealth by age group, including the proportion of people aged 65 and over living in households with total wealth above £1 million. For the period 2018–2020, this was 27% of the 65+ cohort. However, ONS has not published figures for the percentage of individual pensioners whose personal net wealth exceeds £1 million. The available statistics are at household level, not individual level. This means that while we can say that around a quarter of over-65s live in "millionaire households", we do not have official data showing that 25–27% of pensioners are personally millionaires.