Number of UK millionaires doubles
ONE IN every 20 households in London is worth £1m or more, according to research out today.
The Centre for Economics and Business Research said soaring house prices had led to a surge in the number of people with assets worth more than £1m in the past decade.
Inland Revenue figures estimated there were about 230,000 millionaires in the UK in 2001.
But the CEBR says today's figure is likely to be nearly double that at 425,000 following a 64% jump in house prices since 2001.
The group defines household wealth as the total value of people's property, investments and other assets, minus any borrowings they have such as a mortgage.
Unsurprisingly, given the impact of property prices on household wealth, the highest concentration of people with assets worth seven figures is in London.
The group estimates that 175,000 or 41% of the country's millionaires live in the capital, where they account for 5.5% for all households.
It estimates a further 90,000 households in the South East have accumulated wealth of more than £1m, followed by 32,000 in the South West, and 29,000 in the East of England.
About 23,000 millionaires live in the West Midlands, with 20,000 in the North West and 15,000 in the East Midlands.
Fewer than than 1% of the country's £1m-plus households are in Northern Ireland, where CEBR estimates there are just 4,000 millionaires, while there are thought to be only 7,000 in the North East.
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