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.

Divide it by two and it's £672,500. It's individual millionaires.

I don't understand! They are obviously not individual millionaires! Or is that your point?!? We should only be counting individual millionaires so these people wouldn't count?

I guessed about 5%, it's actually 3.5% according to the results I found.

That is almost exactly my position. I’m a millionaire but don’t feel very rich with my £20K annual salary income.

I definitely wouldn't use your definition of millionaire op. I wouldn't include the value of assets such as a house, pension fund, how much their business is worth etc. For me a millionaire has £1M minimum in the bank

Except that's not how net worth is calculated. It's not the OP's definition that is out of step here, but yours.

Do you think the people on the Times rich list all have their wealth as cash in the bank?

Yes, I think their immediately realisable liquid assets are in the millions,
I do not consider dh to be a millionaire even though his business is worth over £1M, because its only worth that if he retires and sells it. At that point - yes, he is a millionaire, but at the moment we don't have a million in liquid assets, far from it and I reject the description millionaire

@LimitIsUp 😂 well you might reject it - but accordingly to the definition used by most people and professionals your household is.

it’s worth it now - that’s different to whether he decides to sell it and exchange it for cash

Well if you count house. Then i’m millionaire. Bit i dont feel like it. I still have to think twice to buy £100 coat 😂😂

Exactly, absolutely meaningless to include fixed assets tied up in a main residence (but would be fair to include the value of additional properties) or a small business in the definition. I think its a little dim and unhelpful to fixate on the descriptor that @Hindsightin and others seem wedded too, and it clearly needs tweaking and updating to remain meaningful. The reason we use terms like millionaire and have these concepts is to understand societal trends over time. A millionaire is someone who can make lavish spending decisions without breaking a sweat - Bentleys, luxury properties overseas, yachts etc. Not people who live in London or own a small business🙄.

We are (jointly) millionaires if you include property and pension pots. Living in the SE, early 40s, most of it is the house value. I guessed 10-15% because all the houses round here are worth 600k+ and after 20 years working in a top 20% job I would have thought it's common to have built up a 100-200k pension pot.

@LimitIsUp but to have the benefit of that residential property thst is how much money you would need to buy it?

the shift is that being a millionaire doesn’t afford the lifestyle it once did

so the recalibration is in what should be referenced as a luxurious lifestyle

and it should be noted that for many people in London people living in residential houses that bring them up to bring a millionaire IS a luxurious lifestyle in comparison - even if it is only a three bed terrace

Final salary pensions will be distorting this.
A LOT of even average final salary pensions will be the equivalent of a very large pension pot that won’t be included in the % of millionaires.
People don’t understand the value of these “assets”.