Thanks to surging house prices across the UK one in 79 Britons are now millionaires. This is up from one in 84 last year.
625,000 millionaires now reside in Britain, the highest level on record! A rise of 7.6% in the past year.
Nearly half of these millionaires of course, live in London and the surrounding South East. Property prices here are much higher than the rest of the country.
Every region in the UK has seen an increase in its number of millionaires except Scotland, which saw no change, because house prices in the country have been hit by the slump in oil prices over the past few years.
London continues to dominate as the UK’s most prosperous city. However, Newcastle and Birmingham enjoyed a big increase in GDP per capita, standing at 4.4% and 4.2%. This growth is well more than the overall UK figure (1.8%) over the same period.
When it comes to house prices, nearly every city has experienced higher growth than London, which was up 3%. Birmingham saw an 8% increase, whilst Manchester is close behind with a 7% increase.
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