One in ten pensioner households is worth more than £1million – the largest proportion since records began, a report reveals today.
More than one million pensioners living alone or in a couple are worth at least seven figures.
The extraordinary number highlights an elite group of older people who have benefited from the property boom and a gold-plated pension system before it was destroyed.
In comparison, many have children with no pension or savings who live at home because they cannot afford to get on the property ladder.
The report, from insurer Prudential based on figures from the Office for National Statistics, said the number of pensioner millionaires has jumped by nearly 70 per cent in six years.
During the period between 2006 and 2008 there were around 636,000 pensioner households whose total wealth was £1million or more. A pensioner household is either a couple who are both 65 or over, or a single person in that age group living on their own.
The number had jumped to 1.07million the next time the research was carried out between 2010 and 2012, according to Prudential’s analysis.

But Angus Hanton, co-founder of the Intergenerational Foundation thinktank, said: ‘These figures show how much our young people have become the packhorse generation – paying the benefits of hundreds of thousands of millionaire pensioners.'

It's amazing. My mum and dad spent their lives managing their money prudently and buying only what they could afford while the current generation feel it's a basic human right to get sloshed regularly, smoke cannabis, have giant flat screen TVs and umpteen pay-for channels and go on holiday to Florida and Ibiza. At least, the ones I know!!