One in 10 Brits are living in households with assets worth over £1m, according to new research from the London School of Economics. This comes after the recent news that one in 28 Londoners is a millionaire!.
The team, led by Professor John Hills, found that 10% of British households had a total wealth of £967,200 or more over 2008-2010. He puts this down to rising London house prices, rising pensions and stock market surges.
The very wealthiest owned assets worth £2.8m or more, with the median wealth total standing at £232,000.
However, Prof Hills said it’s not as if Brits are each sitting on a piggy bank that is ready to be smashed open.
“We are not talking about money that people can lay their hands on tomorrow. They are unlikely to sell their houses, for example,” he said.
The research is published on Thursday by the Oxford University Press in the book “Wealth in the UK: Distribution, Accumulation and Policy”.
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