The research, which is compiled from inheritance tax data from 2014-16, showed that 2.6% of the population had a ‘net capital value’ of at least £1m (that includes housing and pension assets, net of any debts). This group owned around a quarter of all wealth, while the share of wealth held by the top 10% of people has remain stable at around 44%.

UK residential property accounted for 52.5% of the value of all wealth in this period and was held by around 75% of all estates.

Over the period, men aged between 45 and 64 had the highest average net estate values (£376,500), while the highest average net estate size among females (£303,900) was seen in the 65 and over age band. Women have less wealth than men according to these figures, except until they reach 45.

Helen Morrissey, pension specialist at Royal London, said the figures also showed the amount of cash people are holding has almost doubled from £363bn in 2001-2003 to £711bn between 2014-16. She said: “While cash plays an important role in financial planning it is important to know the risks of holding large proportions of your assets in cash over the long term. Rising inflation can eat away at the value of cash and it might be more prudent to invest in other areas. While having a reserve of cash ready for emergencies is always a good thing don’t stash too much under the mattress.”

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