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86 Comments
- ItStillMoves, on 05/13/2008, -1/+41...and approximately nine out of 10 families are currently millionaires in Zimbabwe.
- geogeer, on 05/13/2008, -0/+26Stories like this normally mean it is time to sell...
- Surferess, on 05/13/2008, -1/+27That 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........ - ciaran036, on 05/13/2008, -1/+20It's called inflation. Already costs half a million pounds to buy a house!
- Y0tsuya, on 05/13/2008, -2/+22They'll lose over half of that "wealth" when their asset bubble pops.
- flashback99, on 05/13/2008, -1/+19Sure, we'll be millionaires by 2017, but a carton of milk will cost £5000.
- jdepp, on 05/13/2008, -0/+14The 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.
- Adlad, on 05/13/2008, -0/+12Interesting 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. - 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 *****? - jmpeagle, on 05/13/2008, -0/+8when 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?
- YevS, on 05/13/2008, -0/+8surely '=' means it is the same which ever way round you look at it?
- LokitheComplex, on 05/13/2008, -1/+10There 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.
- 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.) - lcmatt, on 05/13/2008, -0/+6The 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. - inactive, on 05/13/2008, -0/+61 British sandwich = 6 US hamburgers.
- joker3001, on 05/13/2008, -1/+51 GBP = 2 USD!!!
- WilliamDavis, on 05/13/2008, -0/+4Also, Yay for inflation!!!
- dsmx, on 05/13/2008, -0/+5Or a slightly more meaningful way of putting it, around £24,000 worth of debt for every citizen of the UK.
- 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.
- 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! - yodaj007, on 05/13/2008, -0/+3Everyone is smarter than Bush.
- 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. - 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.
- LokitheComplex, on 05/13/2008, -0/+3Seems like cobblers to me. Why would I trust a bank to predict economics?
- inactive, on 05/13/2008, -1/+4I guess they can afford more cameras now.
- surKaz, on 05/13/2008, -0/+3so, they're all going bald?
- givlpgg, on 05/13/2008, -4/+8They mean " 1 in 10 will have a million hairs by 2017".
- inactive, on 05/13/2008, -0/+3Yea, well, a million ain't what it used to be.
- DominicUK, on 05/13/2008, -0/+4Ah, I see you read the Daily Mail.
- 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.
- bigalbaboonass, on 05/13/2008, -1/+4Wow, what an indepth article that was....hmm....I am not convinced.
- 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.
- WilliamDavis, on 05/13/2008, -0/+2The article didn't say anything about value, only fiat currency.
- 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. - eigenweasel, on 05/13/2008, -0/+2That's nothing. In Zimbabwe, everyone is a millionaire.
- 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.
- surKaz, on 05/13/2008, -0/+4Sure it's not the other way around?
- thomashauk, on 05/13/2008, -0/+2Depends, quality of quantity?
- inactive, on 05/19/2008, -0/+2he meant other way around as in "1 US hamburger = 6 British Sandwiches"
- 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!
- dsmx, on 05/13/2008, -0/+2or $48,000 dollars.
- slimnickyy, on 05/13/2008, -0/+2The "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.
- LokitheComplex, on 05/13/2008, -0/+2I know but it makes serfs out of the rest of us.
- 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
- inactive, on 05/13/2008, -0/+1And right now nobody gives a damn when it happens, not pities them.
- bincoder, on 05/13/2008, -0/+1one million on paper, two million in debt.
- 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.
- 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? - 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...
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