It pays to have a Degree

An Office of National Statistics report on British households showed that total wealth in private hands was £9.5 trillion in 2012. That is more than six times the value of all goods and services produced every year, and the equivalent of almost 13 years of government spending. They found that 20% of all adults who hold a university degree (over 2 million) have wealth totalling at least £1million, and almost a tenth own assets, property, pensions, savings and physical objects, worth £1million or more. The total number of millionaires has risen by 50% in four years despite the recent financial crisis. However, only 3% of people with no formal educational qualifications have assets worth more than £1million. In 2006-07 16% of graduates were asset millionaires, compared with 2% of people without formal qualifications.