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.

Can someone put the answer as I tried to Google but its not the right info and I have a headache. Given property prices in the south I guess it's higher than you'd think?

What I want to know is how to become one 😂🥹😭

Surprised people think it’s as high as 10%. I don’t even think 10% of people living in London are cash millionaires, the vast majority are doing regular jobs. If we’re talking property as well as cash I’d guess under 1% of the UK population. I live in London and I’m aware what houses cost but I also don’t live in or come from a bubble where extreme wealth is normal.

Both my partner and I independently guessed 0.5%. So looking like it's about 1% we underestimated.

I was also thrown by considering only individuals instead of household.
DP and I would be included in the percentage if it was by household, however if we were to split up and split all assets, we wouldn't be.
I've always been led to believe the actual percentage of millionaires in the UK is much lower than what most people would guess. Where I'm from, I only know one other family in the surrounding area who are millionaires (again, jointly, as the wife is a SAHM).

Thing to remember with adding in houses, most will have hefty mortgages. Some will also have other debt. Someone I thought was a millionaire based on their house and jobs went almost bankrupt and had their business liquidated.

I'm in London & don't actually know anyone from the older generation who isn't living in a million pound plus property. All the people on my parents road, family, inlaws, parents of friends, older colleagues, older neighbours etc

I guessed 10% because i live in an expensive area so there are loads of expensive houses and people with big pension pots.

*I'm in London & don't actually know anyone from the older generation who isn't living in a million pound plus property^ whereabouts, Fulham Chelsea, Richmond? Somewhere like that. Yup. Not like that all over the country or even just in London. Most have big mortgages there

The internet is telling me about 5-6% - where are people getting 1% from?

@WahineToa I'm in Wandsworth but know people from Lambeth, Wimbledon, etc with 1m properties. Very few people who are 60 upwards still have mortgages.

I'm in Wandsworth but know people from Lambeth, Wimbledon, etc with 1m properties. yes they’re all expensive areas of London.

1%

Same. I thought 1% but Google is saying 4%+

I got it right, although I think Wikipedia is counting in USD so I'm not sure if there's another answer out there.

I don't think we are 'rich' but if we sold our house and took in to account our pension pots, my partner and I would both be millionaires which is crazy (don't tell the children !)

I would say 15% but I'm not sure what the actual answer is.
Half of owned houses have no mortgages I think.

Google says there are 2.4M homes in the UK worth over £1M

Are you including the calculated value of public sector pensions?

If not I’d guess 1%. If so 2%.

If you include houses about 2.3 per cent.
I think people's perceptions are skewed by where they live and who they know.

I am including all assets.
"For employees with a workplace pension, the average value was £65,400 in the public sector compared with £10,300 in the private sector."

www.ons.gov.uk/employmentandlabourmarket/peopleinwork/workplacepensions/bulletins/annualsurveyofhoursandearningspensiontables/2021provisionaland2020finalresults

much lower than I thought. Same for the US. I agree where you live throws you off. I live in SF Bay Area and I'm sure a huge number of the 8.8% of millionaires are right here, counting only their primary home.

2pc