Economic news

Number of UK millionaires rises

UK families that could be counted millionaires increased by almost a third over the past two years, data reveals. Overall 3.6 mln Britain’s households possessed wealth worth over £1 mln by June 2016, 29% gain over two years, according to the Office for National Statistics.

Campaigners’ view is that this data highlights inequality. Thus, by July 2016 the average wealth for a UK household, with correction for credit, made up £259,400. It is a 15% uptick in comparison with the situation two years before that, data shows. This doesn’t take into account the growing cost of living through the period.

The data reflects wealth possessed by every UK household out of 26 mln total cumulatively, regardless of the number of people living in a house.

The wealth of families representing the upper part of the scale has gone up, pushed by private pensions and cost of property rise, while families representing the lower part have had their wealth dropping over the two years.

The 20% of households at the bottom, with lesser chances for a house or a private pension, had their wealth fall. The lowest out of 10 households usually lost from £3,000 to £32,000.

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