The number of millionaires in the UK is increasing due to the rising value of property.
Among people aged 21 or over, one in 79 is a millionaire, according to a report by Barclays Wealth. The figure is an increase from last year, when one in 84 were recorded as millionaires, and is the highest number to be recorded to date.
During 2016, the number of UK millionaires increased by 7.6%, or 44,000, with the number reaching 625,000. However, this is equivalent less than 1% of the population in the UK. In Scotland, the number of millionaires did not increase.
According to the report, many areas in the UK are more prosperous due to increased earnings. The increased number of millionaires could also be attributed to the rising property prices, with soaring house prices in the last few years contributing to increased personal wealth.
Another indication that the rising value of property could be a factor in the increased number of millionaires is that almost half of them live in the South East or London. Most of the UK’s millionaires live in the capital, where there are 165,000, and around 130,000 millionaires live elsewhere in the South East.
The biggest increase in millionaires was in the East Midlands, with an increase of 11.1%, while the numbers in Northern Ireland and Wales rose by almost 9%. The data produced in the report by Barclays is based on assets of an individual, rather than just cash.
CeMAP qualified mortgage advisors are able to help all borrowers during the process, whether they are millionaires or not.