Surging UK house prices mean one in 79 people living in Britain is technically a millionaire.
New figures released by Barclays Wealth show that there are currently 625,000 millionaires in Britain, the highest level on record, with the number of people worth £1 million having risen by 44,000 (7.6 percent) in the past 12 months.
Unsurprisingly, the majority of ‘millionaires’ are based in London and the South East, where property prices are far higher than those in other parts of the country.
Around 165,000 of the UK’s millionaires live in London, while a further 130,000 live in other parts of the South East. The North East is the region with the fewest millionaires, with just 12,000 people worth at least £1 million in the area.
However, while London and the South East may be home to the majority of Britain’s millionaires, the number living there grew at a more modest rate over the past 12 months than those living in other parts of the country. Slowing property prices in the south have been offset by rapid growth in other regions. And this has led to a surge in the number of new millionaires in other regions.
For example, the number of millionaires living in the East Midlands grew by 11.1 percent over the past 12 months, meaning the region is now home to 25,000 millionaires. Meanwhile, the South West saw its proportion of millionaires increase by 10.5 percent, the West Midlands by 10.3 percent, and Yorkshire and the Humber by 9.8 percent.
Scotland was the only location covered by the survey which didn’t see an increase in the number of millionaires living there last year.
The Barclays report stated that rising house prices meant that the term "millionaire" is no longer reserved for someone with "extreme wealth".