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Category: Money

Britain: The Home for 280,000 Millionaires

Written on September 30, 2010 by Japhet Writ

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Despite the economic turmoil occurring around the globe, the Great Britain is still home for more than 280,000 millionaires. It can be good news, but it can also be indicative of societal disparity.

Austerity measures and cost-cutting researches has revealed that is home to over 280,000 millionaires. According to a statistic from CoreData Research , there are 284,317 millionaires in accounting for around £1.8 trillion. 55 percent of them resides somewhere between £1m and £2m band, with 32.2 percent of their assets tied up in direct property — excluding their main residence.

Based on an analysis, an average British millionaire has one-third (34.2 %) of their wealth in shares, and more than 30 percent of their properties in cash, funds and various assets that includes collectibles, arts and antiques. And albeit not everyone considers it in this light, the concept that a little more than one percent of the country’s population is in possession of almost £2 trillion of wealth indicates a crystal clear disparity in the society. principle, Craig Phillips, pointed out that these more than 280,000 of millionaires is partly a reflection of the economic opportunity that exists in Britain today. This should enable others to look for their own chance to grow a business in order to be successful and to boost the economic growth of the country.

While such numbers may left others dumbfounded, it is imperative to remember that there are some small to medium businesses across the country that can fuel up the economy.

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