May 28, 2009

Millionaires drop by half

In 2007, there was an estimated 500,000 millionaires in the UK, but according to recent figures this has now halved to 250,000 and the main culprit is the fall in property values.

The research carried out by the Centre for Economics and Business Research found that in 2007, there were 489,000 millionaires in the UK, but recent research has found that the amount of millionaires has fallen to 242,000.

It has also been found that for the average millionaire, their estimated wealth has fallen by around twenty five per cent in the last year alone.

The definition of a millionaire is a person who is worth a million pounds in property and cash, but only after taking off mortgages and other borrowings, it is clear to how the market has affected the millionaire’s status.

Source [Starnova]