Sunday, May 11, 2008
Hah hah ha h aha ah ahhah £1m = €500k in ten years
Times: One in 10 British families soon to be worth £1m
"Nearly one in 10 British households will have millionaire status within a decade, an authoritative new study has predicted. Despite the global economic slowdown and falling property prices, the number of households worth £1m or more will increase from 1.5m to over 2.4m by 2017, the study says" Ah hahha hahh reason to be happy... but Friedman would call it inflation
Posted by confused76 @ 09:44 PM (602 views) Add Comment
10 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
1. paul said...
2. mken said...
Nice to see those oh so valuable non-European O-levels in Economics being dusted down one last time ... those tired old arguments ...
“We have an enterprising financial services sector, a favourable disposition to free enterprise, flexible labour markets and high per
capita potential GDP growth rate. These factors combine to create an environment that is conducive to wealth creation.”
By jingo old bean ... (these wise words from "head of research" at "Barclays Wealth" - couldn't be that their assets are threatened if this
story were not true, surely not VIs - and isn't UK per capita indebtedness in fact 2nd only to Ireland?)
... followed by some similar corkers from the "Economist Intelligence Unit" - since when have they got anything right ?
(not worried about circulation I trust)
What is the Times trying to say - crash or no crash, Labour good, Labour bad?
Who knows - a story, any story, to keep their property section alive?
And 1m pounds being worth what exactly?
3. enuii said...
Inflation:Inflation:Inflation
4. icarus said...
What a crock of horses hit (spelling?). With the global economy at crisis point - a possible global recession/depression, power shifting away from the west, the dollar as the world's dominant curency under threat, central banks exacerbating problems by underwriting banking lunacy etc. etc. how can anybody make this kind of prediction? Have Murdoch's editors been ordered to publish this kind of cr@p? Also, Zimbabwe has more millionaires than any other country - that's why they keep voting for Mugabe.
5. shipbuilder said...
icarus said...
Also, Zimbabwe has more millionaires than any other country - that's why they keep voting for Mugabe.
Sums it up brilliantly.
6. wiltshire said...
For me the irrelevance of this story is due to the fact that no matter how many more millionaires there are there will a further increase in the percentage of people who will be stuck in poverty.
7. Sneaker said...
True wealth is defined by measuring your nominal net worth against the money supply.
You're getting poorer if your "paper value" wealth goes up 10% versus a money supply increase of anything above 10%.
But most people just get mesmerised by nominal values.
However, most people in this nation KNOW that they are not any better off despite nominal increases in their wealth.
In my opinion, the "cognitive dissonance" between nominal values and REAL values is exactly why so many people in Britain are so unhappy.
They see one thing, but sense another. Oh, for some intelligence in the media debate on this subject, but frankly I doubt it will ever happen.
As an excellent advert I saw today says "If the equity in house is going to be your pension, where are you going to live when you retire?"
8. Truck Driver said...
Where's the money coming from? To me we seem a nation where many might have difficulty meeting their weekly food bills. We can't all be in the liquidation business.
9. mken said...
Sneaker
"cognitive dissonance" - spot on.
10. Sneaker said...
mken - cheers
And oh, I forgot to say, confused76, spot on .... in 10 years is £1m going to feel like a lot of money? No chance!