One in 65 UK adults now a millionaire

cells

Graham_Devon wrote: »

How do you work that out?

She could buy a place for 200k and have around 700k in the bank.

If she lasts until 90, without earning a penny income from the 700k, she could take 35k a year from the 700k pot. Almost triple what she was living on a year in London.

If she took 20k a year and earnt not a penny interest etc on the 700k, it would last her until she was 114.

Financially, she would be be better off. However, money isn't everything to everyone. That was her point. Her life, her friends, he relatives were more important to her than money.

Then she should use the £700k differential and gift it to them to greatly help them in their lives.

also she need not necessarily move to another plave she could just get a 1 bed flat nearby for say 300k and bank the rest.

cells

Might be better to look at the number of households that are millionaires.

I suspect the figure is in excess of 2 million households.

Also its not just housing wealth. UK households have in excess of £3.5 trillion pounds in pensions and savings accounts which is loads-a-money

cells

There are, however, considerable differences in the value of savings with some UK households holding little or no savings. Almost one in three (32%) UK households have no savings (accounts and investments) and a further 14% hold savings of less than £1,500.

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Report from last year.

Basically almost half of households have nothing

The remaining half hold over £3.55 trillion.

this does not include housing wealth. Just pensions and deposits in bank accounts

CKhalvashi

cells wrote: »

Also its not just housing wealth. UK households have in excess of £3.5 trillion pounds in pensions and savings accounts which is loads-a-money

£160k/household.

Double that is £320k/household at retirement age, which won't give a particularly good annuity.........

cells wrote: »

There are, however, considerable differences in the value of savings with some UK households holding little or no savings. Almost one in three (32%) UK households have no savings (accounts and investments) and a further 14% hold savings of less than £1,500.

- - - - - -- - - - - - - - - -- - - - - -
Report from last year.

Basically almost half of households have nothing

The remaining half hold over £3.55 trillion.

this does not include housing wealth. Just pensions and deposits in bank accounts

Rich get richer, poor stay poor on average.

I guess I'm one of the lucky ones.......

markharding557

It's not surprising that more millionaires now exist after all a million pounds is not what it once was.

ruggedtoast

markharding557 wrote: »

It's not surprising that more millionaires now exist after all a million pounds is not what it once was.

I would eke it out.

wotsthat

Graham_Devon wrote: »

What are you going on about?

Yes, maybe she doesn't want to move to Devon but she could sell and move just a few streets away and release some capital.

Luckily, for her, she's got the additional option of receiving income based benefits and a state pension which gives her the luxury of being able to protect £1m of capital that, upon her death, will be quickly converted to tax free cash by her heirs.

A boomer living in a 'forever HPI' house and you're worried about her missing her friends. You can be contrary at times - I would have expected for you to be calling for wealth taxes to encourage her to leave allowing for use by one of the hard working families.

Marine_life

Governments love increasing house prices because it's effectively 'free' money i.e. its new wealth that simply circulates around the economy. This feeds not only high tax revenues (stamp duty etc.) but also feeds higher consumption and economic growth.

However, the government has a duty to take some of that increase in wealth and invest in affordable housing or transfer to those who are not on the housing ladder.

Flame suit on.

lisyloo

UK households have in excess of £3.5 trillion pounds in pensions and savings accounts which is loads-a-money

Don't forget the liabilities though.
£1 million sounds like a lot but at say a 4% annuity or drawdown rate, it's £40K per annum. Comfortable - yes, but not rich.

remorseless

mayonnaise wrote: »

http://www.theguardian.com/uk-news/2015/aug/27/number-of-millionaires-in-uk-rises-by-200000

Good to see not so much the rich getting richer, but the rich getting more numerous.

Cheers. :beer:

That's it? only 1 in 65? In Norway they're ALL millionaires!
Makes you wonder why people fret about wanting all these benefit system then :rotfl: taxes should be increased right away!