Inheritance in Britain — them that has, gets

Official figures for inheritance show that the largest slice of inherited wealth went to a rich elite.

Figures from the Office for National Statistics (ONS) covering 2008 to 2010 showed that 1.6 million adults — 4% of the population — received an inheritance worth over £1,000 in the period. Half received less than £10,000, but one in 10 received £125,000 or more.

The combined total of all inheritances received over the two-year period was estimated at £75 billion. And the damning figures were that over three-quarters of all inherited wealth — £57 billion — went to the top fifth of inheritors.

Nearly nine in every 10 inheritances comprised of, at least in some part, money or savings, while property formed part of one in five inheritances.

The ONS also set out the characteristics associated with an increased likelihood of inheriting.

These included: living in the wealthiest fifth of households; being self-employed or father was self-employed; and owned main residence outright.

However, in the lottery of life, if you were male, non-white, aged 65 plus or worked in a routine occupation then you might as well invest in a Lottery ticket, as these characteristics were associated with a decreased likelihood of inheriting.

www.ons.gov.uk/ons/dcp171776_333036.pdf