People aged over 55 in England hold more wealth in the value of their properties than the entire annual GDP of Italy, new research suggests.
A report commissioned by retirement firm Age Partnership found that over 55s in England currently own property collectively worth £1.5tn - which is £100bn more than annual Italian GDP.
It also beats the GDPs of Brazil and Spain by £300bn and £600bn respectively.
The figure makes the population group one of the richest in the world when it comes to owning property.
The research also found that the staggering total, which was calculated using English Housing Survey data on the number of over 55s who own their home outright, alongside average house prices from the Land Registry, is only likely to increase.
Official population projections estimate that the number of people over the age of 55 living in England is expected to grow by a third over the next two decades, with property wealth almost doubling over the same period.
If this were to be the case, Age Partnership found that the amount of money locked in property owned by those over 55 in England could reach £2.9tn by 2036, should house prices increase by 2% annually.
Even if house prices were to stay static, the population changes would mean property wealth would reach £1.9tn in the next 20 years.
Simon Chalk, equity release expert at Age Partnership, said of the research: "A small fortune is locked away in the houses owned by the older generation in England."
"This stored wealth cannot be ignored: housing must become a primary part of retirement financial planning and we need to open up more channels to help over-55s benefit from it.
"Over the next 20 years housing wealth will become increasingly important, as the baby-boomers generation reach retirement en-masse.
"Pensions will continue to cause a headache as the population ages.
"Adding property wealth to the mix could help alleviate that pressure."
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