The Rise of House Prices and UK Millionaires

Story posted: 07.09.17

Due to the continued rise in house prices it has now been unveiled that one in every 76 Britons is now a millionaire, a significant jump from one in 84 last year.

There are currently 625,000 millionaires in Britain, the highest level on record, with the number of people worth £1m having risen by 44,000 (7.6pc) in the past 12 months.

With nearly half of the millionaires living in London and the South East – 295,000 is the current figure, where property prices are higher than the rest of the country.

According to a report by Barclays Wealth, which produces an annual UK prosperity map to rank regions and cities according to their levels of affluence stated,” The North-East region have the fewest millionaires, with just 12,000 people worth at least £1m in the area. Wales and Northern Ireland each have 12,500 millionaires while Scotland is home to 30,500.”

“Every region in the UK has seen an increase in its number of millionaires since last year, except Scotland, which saw no change because house prices in the country have been knocked by the slump in oil prices over the past few years.” The report added that rising prices meant that the term “millionaire” is no longer reserved for someone with “extreme wealth”.

Dena Brumpton, Chief Executive of Barclays Wealth & Investments, said: “The last twelve months have seen fluctuations in the UK economy, and this is reflected in the mixed picture of prosperity growth across the country."

“The continued economic growth of the UK’s cities is cause for optimism – but if the current trend of high prosperity growth in cities continues, regions risk being left behind by their flourishing centres.”


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