Land value rise adds £1tn to UK’s net worth

The net worth of the UK swelled to £11.8tn in 2021 after a big rise in the value of land. New data released by the Office for National Statistics showed there had been a £1tn increase in the net value of the country’s financial assets, which includes everything from buildings to loans. The increase is the biggest annual rise on record. Land now accounts for more than 60% of the country’s net worth, with the asset class having experienced its biggest growth in value since 2014. However, the gap in value between the stock of foreign direct investments in the UK and British companies’ investments overseas has widened to a record of more than £230bn. The ONS said inward investment to Britain, including overseas ownership of real estate, had climbed by £83.1bn year-on-year to £2tn in 2021, while outward investment had increased by £16bn to just under £1.8tn. The rise in inward investment was led by the Americas, the data showed. The Times (£)