Baby Boomers are £78,000 wealthier than people the same age a decade ago were, Financial Conduct Authority analysis of official data shows.

The figures, published today in a discussion paper entitled Intergenerational Differences by the regulator , reveal a growing wealth divide in which older generations are growing richer while younger ones are becoming less wealthy than the generations who have gone before them.

Within a decade the median total wealth of people in their sixties has grown from less than £250,000 to well over £300,000, a rise of £78,000, the data captured between 2006 and 2016 shows.

The rise is largely attributable to soaring property prices over the period, which have boosted the wealth of people in this age category who are also the most likely to own their own home.