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One in 10 families Millionaires by 2017 in the UK

telegraph.co.uk — One in 10 British families will live in a "millionaire household" within a decade, a report has suggested. Despite short-term fears over the economy, about 2.4 million families will have a seven-figure net income by 2017. The findings show the UK will have the seventh highest concentration of wealth in the world in 2017.

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  • Surferess, on 05/13/2008, -1/+26That is very interesting because another article I read, a couple of weeks ago, said the Brits were about to have their own mortgage crisis. We Americans can tell you this is a serious problem which rapidly devours a country's money supply.
    OK there is that war in Iraq too........
    • LokitheComplex, on 05/13/2008, -1/+9There already is a crisis. Mortgages are in short supply. A lot of the UK banks bought sub prime mortgage packages from the US. It brought down the Northern Rock bank. It was bailed out by the state.
      • lcmatt, on 05/13/2008, -0/+5The average house price in UK is around £150k ($300k) which prices most buyers out of the market. As the economy is unstable at the moment people don't want to invest a huge sum of money in a house only to find out in a year that they're in negative equity.
        I've been trying to get a mortgage for nearly 2 years now but I just can't afford to re-pay the monthly instalments even on a respectable wage of £29k.
      • elamr, on 05/13/2008, -1/+2Saw Gordon Brown battling in the house of commons on C-Span about the NR issue. I hear he's in trouble with the Labour Party now... whatever the case, he is smarter than Bush.
    • flashback99, on 05/13/2008, -1/+18Sure, we'll be millionaires by 2017, but a carton of milk will cost £5000.
    • slimnickyy, on 05/13/2008, -0/+1The "crisis" in the UK is for the first time in 10 years house values have levelled off. People are obviously upset since that additional income is gone, but at least values aren't plummeting. Either way, the problem is some people relied on that income from the property increase to live beyond their means, and now they're in trouble financially, compounded by the fact that creditors are not as willing to extend loans right now since they lost billions in the US market. Regardless, the fact is there's still a housing shortage in Britain, especially in London, and thus still a demand for new homes. So luckily, due to different markets and market conditions, things will remain relatively stable here.
  • SpeakMediaBlog, on 05/13/2008, -17/+6Yet another reason I gotta move to the UK!
  • Y0tsuya, on 05/13/2008, -2/+21They'll lose over half of that "wealth" when their asset bubble pops.
    • KhanneaNL, on 05/13/2008, -0/+1And right now nobody gives a damn when it happens, not pities them.
    • WilliamDavis, on 05/13/2008, -0/+4Also, Yay for inflation!!!
  • geogeer, on 05/13/2008, -0/+25Stories like this normally mean it is time to sell...
  • jmpeagle, on 05/13/2008, -0/+7when calculating net wealth for millionairs, billionaire's etc... it is routine to exclude primary residence so a housing slump won't have as much effect on this as some of the commentatros seem to be claiming. They should clarify however what they mean by net income. Is that only include realized asset appreciation plus flow income from a job or what?
  • ItStillMoves, on 05/13/2008, -1/+40...and approximately nine out of 10 families are currently millionaires in Zimbabwe.
    • joker3001, on 05/13/2008, -1/+41 GBP = 2 USD!!!
    • DestroyFascism, on 05/13/2008, -0/+51 British sandwich = 6 US hamburgers.
      • surKaz, on 05/13/2008, -0/+3Sure it's not the other way around?
        • YevS, on 05/13/2008, -0/+7surely '=' means it is the same which ever way round you look at it?
        • thomashauk, on 05/13/2008, -0/+1Depends, quality of quantity?
        • rrbest, on 05/19/2008, -0/+1he meant other way around as in "1 US hamburger = 6 British Sandwiches"
  • Adlad, on 05/13/2008, -0/+11Interesting way of looking at it. Although completely meaningless IMO.

    The majority of British people I know are in debt. Either mortgage debt, or worse, CREDIT debt.

    "Total UK personal debt at the end of February 2008 stood at £1,421bn."

    That's roughly $2.8 TRILLION.

    Most people who have "money" in this country have it from their property... If there is indeed any sort of property recession, then a lot of these individuals will be left with nothing.
    • dsmx, on 05/13/2008, -0/+4Or a slightly more meaningful way of putting it, around £24,000 worth of debt for every citizen of the UK.
  • jdepp, on 05/13/2008, -0/+13The UK government just ordered the printing of £50 billion in return for "dodgy collateral", to bail out UK banks' bad investments. Unsurprisingly, inflation is at 4.2%. meanwhile Brown (current prime-minister) is asking public workers to accept a pay deal worth per year 1.9% over the next three years. I'm not seeing where that extra value is coming from.
    • WilliamDavis, on 05/13/2008, -0/+2The article didn't say anything about value, only fiat currency.
  • KhanneaNL, on 05/13/2008, -6/+8Great argument for progressive taxes. If some people achieve some kind of economic escape velocity and leave the rest of humankind behind in the filth, democracy comes to the rescue, and these people need to be taxed back into normalcy, and the rest given opportunity to catch up and lead an equitable life.

    We are all in this together. It isn't a race, it isn't a war of attrition. To avoid society tearing itself apart due to inequality, politicians need to enforce equality.
    • Kahlzarg, on 05/13/2008, -1/+5The UK does have a progressive tax system. Just like the US, Australia and NZ does.

      And it all good to say we are all in it together, when some people work thier ass off and some people sit on welfare, yet both have the same access to the social benifits funded by the taxation system.
      • LokitheComplex, on 05/13/2008, -0/+3If you have enough money in the UK you do not pay Tax. Nor do you use as much of the NHS or education. But we are still all in it.
        • thomashauk, on 05/13/2008, -0/+3Thats because it is a competitive market for that level. Too much tax and they'll just more to Monaco!
          • LokitheComplex, on 05/13/2008, -0/+2I know but it makes serfs out of the rest of us.
    • twomeyw23334, on 05/13/2008, -1/+3That greatly depends on how those taxes are used. Just the act of taxing the hell out of the rich to get those little butterflies in your stomach isn't going to magically help the lower class. In fact, if the added taxation hurts the economy enough it could greatly worsen things for the lower class. And as seen time and time again, increasing social welfare benefits too much increases poverty levels and creates a class of government dependent people.
      Besides, if your such a collectivist, shouldn't all of us be taxed to hell to have our wealth re-distributed among the world's true poor. A middle or even lower class American or Brit still has a much better lifestyle than billions of Africans / Chinese / etc. Instead of trying to "force" equality how about willingly giving all your money to the poor?
      • jamesmcm, on 05/13/2008, -0/+2A government is responsible for it's own people not the world.

        I think progressive taxes are a good idea, unfortunately we have way too many flat-rate taxes here and tax breaks for the rich.

        Giving his own money wouldn't change anything. That's what I hate about charity; people give £2 and think they've done their part. It doesn't change anything - it treats the symptom not the cause. To truly fix the problem the government needs to instate higher taxes and build a better infrastructure.
    • schnikies79, on 05/13/2008, -4/+4Sorry but no one should be "forced." Why should I be punished for overachieving? Also why should those that have no desire to work and lead a welfare life be raised up the my standard of living? If you don't work as hard, you don't deserve as much.

      I will never, ever support the forced redistribution of wealth. No government can mandate equality and survive.
    • InorganicMatter, on 05/13/2008, -2/+4I get punished because I made more of my life than you did?

      No thanks.
      • KhanneaNL, on 05/15/2008, -0/+1So I get punished because you lucked out? Sorry, I am coming after you with accountants and socialists and cops in tow, checking your income tax papers and assets. If you don't pay up, you go to prison. If you don't like it you can always move to Honduras.
  • LokitheComplex, on 05/13/2008, -0/+3Seems like cobblers to me. Why would I trust a bank to predict economics?
  • iampriteshdesai, on 05/13/2008, -3/+4This is fake. Imagine having 2 millionaires in your neighbourhood. LOL
    • thomashauk, on 05/13/2008, -0/+1Tis isn't a rich area and there is already one in my road... granted that was because of him scamming the royal mail but...
  • Kmap, on 05/13/2008, -4/+2I'm rich biatch!
  • givlpgg, on 05/13/2008, -4/+8They mean " 1 in 10 will have a million hairs by 2017".
  • WinnemuccaMac, on 05/13/2008, -1/+5"Overly optimistic" would seem to apply here.

    You are happy! You are wealthy! You know you are, because those guys say so!
  • 1randomguyO8, on 05/13/2008, -1/+4I guess they can afford more cameras now.
  • Ihatenicks, on 05/13/2008, -2/+12" One in 10 British families will live in a "millionaire household" within a decade"

    YEAH.. as ***** servants.... who write this *****?
    • YevS, on 05/13/2008, -0/+3That is the same as saying " in 10 years house prices will double" ... That's not so hard to believe
      • dadioflex, on 05/14/2008, -0/+1The article says the household will have a net INCOME of more than £1million - not net assets. It could be the article is wrong (I sure hope so because I'm seriously under-performing otherwise) or they're anticipating another influx of Russian millionaires despite the residency tax.
  • JamesMorris, on 05/13/2008, -2/+2If you live in london or around it then this will be true by 2017 imo.
  • bigalbaboonass, on 05/13/2008, -1/+4Wow, what an indepth article that was....hmm....I am not convinced.
  • ciaran036, on 05/13/2008, -1/+19It's called inflation. Already costs half a million pounds to buy a house!
  • xSTEx, on 05/13/2008, -0/+4I don't believe it to be honest. I know a lot of people and none of them are millionaires so I doubt in 9 years its going to be any different.
  • littlesecret, on 05/13/2008, -1/+4Impossible. Most people's earnings are going down rather than up. Whatever they did in that study, I think they're looking at some extremely biased data.
  • fsweep, on 05/13/2008, -0/+1Why is this news? Norway already holds the title: http://www.aftenposten.no/english/local/article188 ...
  • dimitrisokolov, on 05/13/2008, -0/+1How will those chav scum make all of that money?
  • Guncrazy, on 05/13/2008, -1/+10The authors of the study have missed a couple of critical points that completely invalidate their conclusion.

    1. Labor politicians will create confiscatory taxes to hinder the growth of any new wealthy classes. (It's already happening.)

    2. Those with the means to emigrate will do so to escape Britain's increasing lawlessness, Islamification, and economic downturn. (It's already happening.)
    • DominicUK, on 05/13/2008, -0/+4Ah, I see you read the Daily Mail.
    • ChayD, on 05/13/2008, -0/+2I think all of that will change come the general election. I don't see Labour lasting another term.
  • mr5150, on 05/13/2008, -1/+4What they fail to mention is Bread will 55 pounds per loaf and Milk 40 Pounds for a quart...In this environment every bum is a millionaire.
    • rich2912, on 05/13/2008, -0/+0and England has gone back to the imperial system... ***** they're really screwed now
  • JoeyDeacon, on 05/13/2008, -0/+1It just means that 1 in 10 houses will be selling for £1m+ in ten years time. Not inconceivable but extremely unlikely given the current climate. Sounds like a story written by estate agents to try and support the tumbling price of housing in this country.
  • eigenweasel, on 05/13/2008, -0/+2That's nothing. In Zimbabwe, everyone is a millionaire.
  • Duositex, on 05/13/2008, -0/+1And a loaf of bread will cost £150
  • robthom, on 05/13/2008, -0/+1And 9 in 10 will be on the streets?
    Nice, no wonder americans are so enamored with the british.
  • HubbertWins, on 05/13/2008, -0/+3Yea, well, a million ain't what it used to be.
  • saturnx8, on 05/13/2008, -0/+1what you mean Dubai isn't more populated with millionaires? Come on american depression, we need to drive the world back in to squaller. everyone go out and spend spend spend on credit so china can take over our country financially. then when we plummet in the world stocks we'll show the world what we can do.
  • Kasot, on 05/13/2008, -0/+1Inflation!
  • bnbjyofs, on 05/13/2008, -0/+1A 'millionaire' doesn't mean jack anymore. Inflation makes it easily attainable for anyone. How about we measure the number of 'inflation-adjusted' millionaires based on the dollar in 1950?
  • rich2912, on 05/13/2008, -1/+0Considering the exponential rise in house prices (we're not talking high figure exponents here... but a degree of such), this is likely possible... will people be better off? No -- they just wont be able to sell their house as easily - as is already evident.
  • Weaselski, on 05/13/2008, -3/+2too bad they will still live in England
  • 4abtrlife, on 05/13/2008, -0/+0At the rate the US dollar is depreciating, 1 in 5 families is going to be a millionaire by 2017 in the USA. We beat ya again!
    • Barackalypse, on 05/13/2008, -0/+0And oddly, even in depreciated dollars, everything will still be cheaper over here and that's even if we neglect that stupid double digit VAT tax. A scoop of Hagen Daas in London is 2 pounds (a bit under $4 USD), that same scoop in Germany is 2 Euros (a bit over $3 USD), that same scoop is the US is what? I've never actually found a retail location for them here yet, but if you have you can compare the prices. I've been in 7 countries and the only one that actually had things cheaper than in the US was Mexico.
  • bincoder, on 05/13/2008, -0/+1one million on paper, two million in debt.
  • diggadigga, on 05/13/2008, -0/+1If this happens, the prices of food, housing, health and education will also rise. There will always be a middle class, so its not like everyone will have a mansion. But that country can be closer to other well of countries such as Norway, Switzerland, or Dubai.
  • sweeneyowns, on 05/13/2008, -0/+1thank god i'm moving there in about 4 months
  • BabyWookie, on 05/13/2008, -0/+1Yet, the Ron Paul fangirls on this site, love to pick on Britain as an example of all terrible things that happen when a country is "ravaged" by "socialism". LOL
  • xcp84, on 05/14/2008, -0/+0We are definitely in the wrong country guys. The pound is destroying the USD. We're on par with Canada now, if even.
  • podrag, on 05/14/2008, -1/+1Does that mean the UK will become like Monaco? Or like Zimbabwe? What happens to the budget deficit, the trade deficit and the debt? How does Britain secure its energy supplies?

    If inflation continues to run at a 4.2% clip, then £1million today is only £666000 in ten years... and if you use a more realistic measure of inflation, without hedonic adjustments, substitution and other shenanigans, say 9%, then £1million is only £422000. By then the North Sea will have run out of oil. How will Britain balance its trade when we are buying all our oil from abroad? Will we just keep exporting inflation to Saudi Arabia? I don't think so somehow!

    This article is a classic piece of lazy journalism, that is more suited to the waste paper basket than a national broadsheet newspaper.
  • dacris, on 05/14/2008, -0/+1Also in 2017, oil will cost £2500 a barrel, a loaf of bread will cost £30, and 1 oz of gold will still buy a month's rent. Catch my drift?
  • Degriz, on 05/15/2008, -0/+1What a load of old bollox! Meaningless crap dress up as an article. Good old Torygraph, still promoting the phalacy that we can all be millionaires or at least more of us can. Worst sort of trash.
  • mindmillionaire, on 05/15/2008, -0/+0I'm confident this would for sure happen because of the advent of internet technology.
  • MajorLou8Digg, on 05/15/2008, -0/+0About 2.4 million families will have a seven-figure net income by 2017? Gee, this is Great News for the U.K, Britain & surrounding areas! It sounds like future population growth for these areas may occur soon and rapidly! Many struggling with finances may strive to survive, by following the example of these successful achievers.

    Keep on Growing,
    Major Lou & Family
  • digger28, on 05/16/2008, -0/+1Debase the currency enough and everyone can me a millionaire.
  • domsie, on 05/20/2008, -0/+0There are soooooooooooo many reports that are contradictory :(

    Firstly, there is supposed to the a massive property recession........then the Middle Class gets hit by the Credit Crunch.........and now there will be Millionaires wherever you look !!

    Make up your bloody minds !!!!
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