House Price Growth Makes 1 in 90 of Us Millionaires
House Price Growth Makes 1 in 90 of Us Millionaires
One in 90 people are now classed as millionaires, with house price growth one of the main causes of personal wealth growth.
Around 715,000 Britons are worth seven figures, up from 508,000 in 2010, indicating that there could be one million millionaires by 2020.
A study by Barclays suggests that stock market gains and rising house prices have caused the rise.
However, this increase in wealth is not confined to finance workers in property-rich London and the South East.
Almost half of those becoming millionaires in the past five years live in other parts of the country.
Investments boss at Barclays, Akshaya Bhargava says: “Every region has grown in affluence since 2010.”1
Reading has been named the most prosperous city outside London, with Cambridge, Birmingham and Bristol completing the top five.
The capital is by far the richest place, with a millionaire for every 45 people.
1 Williams, H. (2015) ‘Soon there’ll be a million millionaires’, Metro, 28 August, p.26