50-somethings enjoying a wealth boom

By Jennifer Hill

LONDON, May 2 (Reuters) - The over-50 generation of Britons has experienced a boom in personal wealth, research shows.

The personal household wealth of the 50-plus generation has rocketed 45.6 percent in the past five years to more than 5 trillion pounds, according to Abbey bank.

At 2006 levels, this means the personal wealth of this demographic group accounts for almost 75 percent of Britons' overall wealth -- and is greater than the annual gross domestic product (GDP) of every nation except the United States.

It is also greater than the combined GDPs of the UK, Germany and France.

On current projections, the over-50s are likely to assume even greater financial and social power.

This segment of society currently comprises 34 percent of the population, but in 25 years' time, it is likely to grow to 29 million and account for 43 percent of the population.

If personal wealth continues to grow at the rate of the past five years, the 50-plus generation will have assets of 40 trillion pounds by 2043.

That is equivalent to six times the current annual U.S. GDP.