Rising property prices have helped turn one in five middle aged Britons into millionaires, according to new data.

However, the stark gap in wealth between the north and south - largely based on property values - is getting wider, according to the latest research from the Office for National Statistics (ONS).

Almost 60% of middle-aged people in the South East have amassed at least £500,000 in savings, pension and property wealth.

However, the figures suggest that one in five people from the same age group living in the North East have little or no assets.

There are said to be 50% more millionaire households in the south of England - at least in paper terms - than in the rest of Britain put together.

Looking at the figures as a whole, an average of 19% of people in the 45-64 age bracket have built up household wealth in excess of £1m.

That figure rises to 22% in London and at 28% is even higher in the rest of the South East.

The equivalent figure for the North East is around half that seen in the South East.

A divide between the generations is also laid bare in the analysis and, interestingly, it presents a picture of changing wealth levels throughout the various stages of life.

For instance, 6% of children aged under 15 in mainland Britain are said to be growing up in families with total assets of at least £1m, with this figure rising to around 11% of older teenagers and young adults.

The proportion falls again to 5% for those in their late-20s and 30s, a time of life when people have often set up their own homes and started families of their own.

But their wealth generally improves once again as they move into the next age bracket, it seems, as 19% of those aged 45 to 64 have assets worth £1m-plus.

That generation, it is noted, benefited from pre-crash rises in residential property prices while also moving higher up the career ladder.

The analysis is based on the ONS's Wealth and Assets survey - the largest of its kind - which assessed the assets and debts of over 46,000 people between 2008 and 2010.

Those taking part in the study were questioned on the value of their home and any holiday properties, with the amount still left to pay on their mortgage subtracted from the total.

Their projected pension was also included in the calculations.