The first part of this article makes an initial exploration of the relationship between a household’s wealth and their total income. The results here clearly demonstrate why it is important to consider both wealth and income when assessing the economic well-being of households. The release of these data will allow analysts both within and outside government to explore the relationship between wealth and income in far more detail over the coming months.
The second part of this article considers the quality of the income data available from the Wealth and Assets Survey (WAS). Although estimates of total household income derived from WAS are not intended to be as detailed or as comprehensive as those from specialist income surveys, the quality assurance carried out demonstrate that they are comparable to other sources and provide a robust data source to explore the relationship between wealth and income.