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Surging house prices makes 1 in 79 Brits a millionaire
7 Sep

Surging house prices in the UK means that one in every 76 Britons is now a millionaire, up from one in 84 in 2016.

Currently, there are 625,000 millionaires in Britain, the highest ever recorded level, with the number of people worth £1m having risen by 44,000 (7.6%) in the past 12 months.

Nearly half (295,000) of the millionaires live in London and the South East, where property prices are higher than the rest of the country.

The North East is the area with the fewest millionaires, with just 12,000 people worth at least £1m in the area, according to a report by Barclays Wealth, which released an annual UK prosperity map ranking regions and cities according to their levels of affluence.

Wales and Northern Ireland each have 12,500 millionaires while Scotland is home to 30,500, the report found.

Each area in the UK has seen a rise in its number of millionaires since last year, except Scotland, which saw now change because house prices in the country have been knocked by the slide in oil prices of the last few years.

Overall, London continues to dominate as the UK’s most prosperous city. However, Newcastle and Birmingham have enjoyed the largest year-on-year increases in GDP per capita – at 4.4% and 4.2%, respectively – growth that is well ahead of the overall UK figure (1.8%) for the same period.

When it comes to house prices, almost every city has experienced higher house price growth than London (up 3%), with Birmingham (8%) and Manchester (7%) enjoying the biggest increases.

Chief executive of Barclays Wealth & Investments, Dena Brumpton, said: “The last twelve months have seen fluctuations in the UK economy, and this is reflected in the mixed picture of prosperity growth across the country.

“The continued economic growth of the UK’s cities is cause for optimism – but if the current trend of high prosperity growth in cities continues, regions risk being left behind by their flourishing centres.”

The report added that rising house prices meant that the term "millionaire" is no longer reserved for someone with "extreme wealth".

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