How many millionaires really are there in the UK?

According to a recent data, the number of millionaires in Britain is greater than ever and is still on the rise, despite Brexit.

Britain has the highest number of millionaires in Europe and the fourth highest number in the world, trailing only China, the US, and Japan.

Official figures from the Office for National Statistics show that by June 2016 3.6 million households had an attributed wealth exceeding £1m, a figure which has increased by a third in the past two years, and by over 40% in the last five years. The definition of wealth taken into account for this figure comprises of investments, pension savings, assets, and property value.

The figures suggest that currently one in every 65 adults in Britain could be considered a millionaire. Interestingly although not necessarily surprising, there is a direct correlation between being self-employed and achieving millionaire status as according to statistics, two-thirds of millionaires in the UK are in this category.

The main factors that have led to this rise in wealth have been the steady overall increase in property prices, a surge in pension values, and a boom in stock market gains over the past few years.

The number of homes worth £1 million across the country has grown drastically to around 770,000, and about 50% of these are located in the capital. These recent figures suggest that as a result, almost half a million Londoners are now “property millionaires”. The top postcodes were SW6 (with 14,020 million pound or more properties), NW3 (with 12,500), and N1 (with 11,301).

One in every four of these £1 million-plus homes are sold off-market. At Invisible Homes, we exclusively focus on off-market property and have currently launched in Fulham. Surprising coincidence considering that the majority of homes in Fulham are £1 million-plus? We think not.

For more information on off-market property, check out some of our other recent blogs and take a look on our website: Invisible Homes

(Sources: BBC News. Coutts. The Guardian. Evening Standard)