NUMBER OF UK PROPERTY MILLIONAIRES STILL RISING
New figures show that a buoyant UK housing market has led to a 32% rise in the number of property millionaires in the past year.
Data from the Land Registry and Department for Local Government and Communities shows that there were 78,219 homeowners worth £1 million or more in England and Wales by the end of September 2006, compared with 59,400 a year ago.
London led the rise with 46,668 property millionaires (nearly 60% of the total and up 38% on last year). This was followed by the southeast which had 19,040 (a 28% rise and 24% of the total). The northwest saw a 37% increase in homes worth more than a million pounds, with 36% in the West Midlands and 30% in East Anglia.
While the number of property millionaires rose in the southwest, East Midlands and Wales, falling property prices led to a drop in the north of England and Yorkshire and Humberside.
Aside from the general increase in housing equity, many believe that substantial City bonuses are being poured into residential property - particularly in London, the southeast and southwest - which is pushing up local prices even further.
UK has highest concentration of wealth
A new report is expected to show that the UK will have the highest concentration of aggregate wealth (assets including property, land, savings and investments) in 2016.
Barclays Wealth Insights, a new quarterly report written by the Economist Intelligence Unit (EIU) on behalf of Barclays Wealth, found that almost one in four UK households (eight million) will boast more than $1 million (£526,900) in assets by 2016. It also found that the UK will boast one million 'super millionaires' (more than $3 million in assets) for the first time by the close of the decade and millions of 'nearlionaires'.
Date added: 29 November 2006 Source OPP