UK Millionaires

[antelopevalley]

Can I ask you to post what proportion of the population of the UK you think are millionaires - WITHOUT GOOGLING.

Then google the figure.
If the proportion of the UK population that are millionaires is higher than you thought it was press YABU
If it is lower than you thought it was press YANBU

I am just curious. The proportion is not what I thought it would be. Just wondering if others have a better idea in their head, or if others will also be surprised.

By millionaire, I mean taking into account cash, investments, properties, etc. So if you liquidated all of your wealth, what proportion of the population would have a million pounds or more.

Depends what you mean? Millionaire with liquid assets or tied up in a house.

Sorry, didn't read your post properly. Much lower than I thought.

Given the massively inflated house prices we've seen in recent years it will be more than you think. By your standards my mum would be a millionaire because of the house she's owned and lived in for the last 25 years. The mortgage was paid off a few years back. But she has a modest standard of living and doesn't have investments outside of a pension.

I'd guess around 0.2%

1%?

Less than 1%

Less than 1%

Much lower than I thought too. I guess one’s perspective is based on the area you live in and the people you know.

Lower than I thought.

But I know quite a few millionaires. At work. My dads best friend also is. So I didn’t think it was rare.

Plus the rise in house prices means that a lot of people are now worth over a million but are not actually rich unless they sold their house.

It’s a lot lower than I thought it would be

Including property I would have thought it’s quite high so when I googled I thought it’s low.

But there’s so many variables in this - what source are you going by? My top google hit was based on an article from savethestudent.org which says:

According to Credit Suisse, there are almost [xx] million millionaires in the UK. Since these rankings compare the number of millionaires between countries with different currencies, they consider someone a millionaire if they have over one million dollars worth of assets (instead of pounds). That's still a lot of money, though!

Actually..if you include main residence equity, it'll probably be much higher...probably 2-3%.

I’d think a bit higher if it includes housing assets. Plenty of asset rich, cash poor pensioners living in expensive areas.

That is lower than I thought considering prices of some properties which were bought cheap long time ago.

Aw man, that makes my 15 year plan bit unrealistic😂

0.1%

In usd or gbp?

Individuals or households? Do you include pensions?

In my general circle of friends / family / acquaintances I know of 5 or 6, turning that into a rough percentage of all people I know I’d guess it’s about 5-6%

Its lower than i thought, but then i live in SE which has seen ridiculous gains in property prices over the last 15-20 years.

I thought it would be 0.5% but my googling suggests it's more than that (hard to find a non dollar percentage, but a guardian article said top 1% is worth 3.5million so it's more than 1%)

Wow- I guessed over 10%, mostly based on property values in the SE. The Google results seem very low.

Not a great deal of difference these days! 🤣

I assume that this is referring to individuals rather than households.

I imagine that very few people own a million pound house alone.

If kids, most of whom own nothing, are counted then the proportion is going to be very low

If you are referring to households, then the proportion would be much higher

Much more than I thought.

Isn't it about a £600k pension pot you need for a £20k pa index linked pension? That, plus a £400,000 house (a modest terrace or semi in lots of the SE excluding London) would make you a millionaire on paper, even without any savings.