Britain's national wealth and debt

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UK has GBP 7.3 trillion of national wealth. Per capita that's GBP 120,000.
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"The Institute of Economic Affairs (IEA) has calculated that the national debt is £4.8 trillion once state and public sector pension liabilities are included, or £78,000 for every person in the UK."
So gross national debt is equivalent to two thirds of gross national wealth.
Um, should we be panicking? If you tax wealth to get the money you need to pay debts, then per capita wealth would decrease to GBP 40,000.
I'm not an economist, so what do people smarter than myself have to say about this?
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