Merchants Row logo

Surging house prices mean one in 75 Britons is now a millionaire 20th December 2017

Soaring house prices in the UK mean that one in every 75 Britons is now a millionaire, up from one in 82 last year.There are currently 625,000 millionaires in Britain, the highest level on record, with the number of people worth £1m having risen by 44,000 (7.6pc) 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 region with the fewest millionaires, with just 12,000 people worth at least £1m in the area, according to a report by Barclays Wealth, which produces an annual UK prosperity map to rank regions and cities according to their levels of affluence.

Every region in the UK has seen an increase in its number of millionaires since last year, except Scotland, which saw no change because house prices in the country have been knocked by the slump in oil prices over the past few years. London continues to dominate as the UK’s most prosperous city. However, Newcastle and Birmingham enjoyed the biggest year-on-year increases in GDP per capita – at 4.4pc and 4.2pc, respectively – growth that is well in excess of the overall UK figure (1.8pc) over the same period.

Dena Brumpton, chief executive of Barclays Wealth & Investments, 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".