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.

I thought 15%, surprised I was way off!

It’s calculated on annuity rates, which were around 2% until recently.

Remember, those pensions will tend to either be index-linked or subject to the triple-lock, so you need to account for the expected growth, not only the starting amount.

Definitely lower than I thought. We're not that far off if including the value of property and we are not fancy at all 😂

I know that. But most people do not live long enough to need that big a pot.

Having said with the way the economy & interest rates are going I assume a lot of houses won't be worth what they were last year!

No, but until recently gig’s need a pit if around half a million pounds to buy the equivalent pension to a public-sector employee retiring at sixty on a £10,000 pension.

I feel like quite high as TECHNICALLY we are, due to our house but are we are not rich, live month to month but got lucky with a house buying at the right time, I feel a lot may have done but are as skint (day to day) as me

Oh I realise wehave an answer. Ignore me

I over estimated because of the value of houses in the SE but presumably a lot of people living in 1m+ houses have mortgages and therefore are not millionaires.

I guessed 10%.
This suggests 6%. www.resolutionfoundation.org/app/uploads/2020/12/The-UKs-wealth-distribution.pdf

ONS says lower than that.

Is there an age distribution OP for the ONS stats?

I'm looking at p.13 which uses figures from the ONS. Maybe I'm not reading it right.

I'm in the North West and bare minimum decent properties here start at 1.5m at the very least.

Actually looking at the link you posted, it's much higher than that. Look at Figure 2, Household total wealth by percentiles, Great Britain, April 2018 to March 2020.

www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/bulletins/totalwealthingreatbritain/april2018tomarch2020

Total household wealth hits a million at around the 83rd centile.

I thought it would be about 10-15% so lower than I thought, Google said 5%.

I guessed around 3% of total population - which seems to be about right I think?

I was about right.

@LuciaPopp household is different from individual though. I only own the equity on half our house legally.

Do you think it's right to include house value too, given we all need somewhere to live? I looked it up 2 weeks ago. I vaguely remember it's about 2%.

LuciaPopp indicates that 17% of uk households have £1M or more in assets. This is close to my estimate of 15%.

Also depends on whether you include pensions or not. Defined benefit pensions are hard to value but can be worth a lot. Also, households or individuals? There would be a lot more millionaire households than millionaire individuals.

It is 2.3% of individuals are millionaires and it includes houses.

Yes of course, as you ca liquidate and live some where cheap irrelevant it’s still an asset you own. No one needs to live in a million pound house.

and it’s way higher than 2 percent.

Sure- the Resolution Foundation paper (which is based on ONS figures) is per adult though- in the top 6% of households, average net wealth per adult is over a million. Where does your lower figure come from?