Top 10% Of The Uk Population Are Milionaires

[AvidFan]

http://www.thisismoney.co.uk/news/article.html?in_article_id=505153&in_page_id=2

10% head for a million (but can't spend it)

By Becky Barrow

25 May 2010, 9:02am

One in ten people is worth an average of £815,900, research has revealed, but most of the money is tied up in pensions and property.

If their fortune continues to increase, they will be millionaires within a few years.

The report highlights the extraordinary riches of an exclusive group of Britons who, if they add up all their assets, may be far richer than they realise.

It looked at total worth, including property, or properties, and pension, as well as investments and 'physical' wealth, such as cars and jewellery.

Most of their fortune comes from a pension, which accounts for nearly half of their wealth - about £392,000.

And an average of £261,092 - a third of their wealth - is invested in property.

To add to their pot, they also have investments worth £114,228 and physical wealth of £48,955.

But despite their significant assets, many have little disposable income. Most of their wealth is tied up in their pension, which is locked away for retirement. The research, from White Concierge, a lifestyle management service, will fuel envy among millions of people who live their life in the red.

With the average salary of £25,000, many people struggle to pay household bills and cannot afford to buy their own home.

Jonathan Breeze, managing director of White Concierge, said: 'Despite the economic downturn, people are still sitting on considerable amounts of wealth.'

There are around 500,000 people who have at least £500,000 in disposable assets, such as cash in their bank accounts, he added. Overall, the report found the average British adult is worth £184,803. In the South-East, the average wealth is £238,757, compared with Yorkshire and Humberside, where it is just £146,610.

Housing experts said that much of this wealth has come from the country's property boom.

The average value of a property has jumped from £77,400 in 1999 to nearly £170,000.

And about 70% of people own their own home, compared with just 43% in 1961.

Clearly, the system does work because it makes people who stick with it extremely wealthy.

All of those on HPC who bemoan the UK and what it has done to them should heed this example, get their heads down and work. In 30 years time Rodney, you'll be a millionaire.

[AteMoose]

http://www.thisismon...53&in_page_id=2

10% head for a million (but can't spend it)

By Becky Barrow

25 May 2010, 9:02am

Clearly, the system does work because it makes people who stick with it extremely wealthy.

All of those on HPC who bemoan the UK and what it has done to them should heed this example, get their heads down and work.  In 30 years time Rodney, you'll be a millionaire.

too right in 30 years we will all be millionaires...

[ken_ichikawa]

When the government fakes its lastest round of deflation and turns the printers back on we'll all be millionaires!

[AvidFan]

When the government fakes its lastest round of deflation and turns the printers back on we'll all be millionaires!

I'm popping those champagne corks with my investment banker chums right now...

[OnlyMe]

Utterly illusory.

[AvidFan]

Utterly illusory.

You've burst my bubble. Literally

[Bloo Loo]

whats the average debt?

I doubt they include that.

indeed, they actually say they just tootled up all the ASSETS.

we are a nation of schroedingers fat cats.

Edited May 25, 2010 by Bloo Loo

[AteMoose]

whats the average debt?

I doubt they include that.

indeed, they actually say they just tootled up all the ASSETS.

we are a nation of schroedingers fat cats.

average uk debt including mortgages is £57,950

http://www.creditaction.org.uk/debt-statistics.html

[lulu]

Clearly, the system does work because it makes people who stick with it extremely wealthy.

It is all largely speculative though isnt it. A certain Ms Turner was spouting off in the Mail yesterday that her and her partner Mr Bovey were 'worth' £130million, somehow or other their profits failed to materialise and there will be many others like them.

[Bloo Loo]

average uk debt including mortgages is £57,950

http://www.creditact...statistics.html

yeah, but what about for the 1 in 10?

Grant Bovey for example.

[AvidFan]

whats the average debt?

I doubt they include that.

indeed, they actually say they just tootled up all the ASSETS.

we are a nation of schroedingers fat cats.

Stop spoiling this good news

Where's your head-in-the-sand mentality gone?

[Charlie Don't Surf]

Strange. Income figures suggest £45k p/a puts you in the top 10% earnings wise. Pretty hard to amass a million from that kind of money. Obviously people are far more frugal and better at investing than we have given credit

[Georgia O'Keeffe]

http://www.thisismoney.co.uk/news/article.html?in_article_id=505153&in_page_id=2

10% head for a million (but can't spend it)

By Becky Barrow

25 May 2010, 9:02am

Clearly, the system does work because it makes people who stick with it extremely wealthy.

All of those on HPC who bemoan the UK and what it has done to them should heed this example, get their heads down and work. In 30 years time Rodney, you'll be a millionaire.

To be honest its not really that impressive, given the size of the legendary bubble and comedy perceived houseprices (i mean 1 million pound houses are 10 a penny on rightmove), add to that the comedy pensions out there and what 1 million is actually worth today and id have thought it would be a fair bit above a million for the top 10% in paper wealth

not that id refuse it myself mind

Edited May 25, 2010 by Tamara De Lempicka

[AteMoose]

yeah, but what about for the 1 in 10?

Grant Bovey for example.

Well it extrapolates, average property price is 170k, average debt per household is 56k. So using that ratio the average household debt is 1/3rd of total household assets. IMHO it will be a comparable ratio across all wealth levels, however my guess would be that that richer people have a bigger average asset to debt ratio, perhaps a 1/5th debt to 4/5ths wealth? and younger and poorer people will have more debt

Edited May 25, 2010 by AteMoose

[Compukit UK101]

http://www.thisismon...53&in_page_id=2

10% head for a million (but can't spend it)

By Becky Barrow

25 May 2010, 9:02am

Clearly, the system does work because it makes people who stick with it extremely wealthy.

All of those on HPC who bemoan the UK and what it has done to them should heed this example, get their heads down and work. In 30 years time Rodney, you'll be a millionaire.

Ub40 - One In Ten

I am the one in ten

A number on a list

I am the one in ten

Even though I don`t exist

Nobody Knows me

Even though I`m always there

A statistic, a reminder

Of a world that doesn`t care

My arms enfold the dole queue

Malnutrition dulls my hair

My eyes are black and lifeless

With an underprivileged stare

I`m the beggar on the corner

Will no-one spare a dime?

I`m the child that never learns to read

`Cause no-one spared the time

[Chorus]

I`m the murderer and the victim

The licence with the gun

I`m a sad and bruised old lady

In an ally in a slum

I`m a middle aged businessman

With chronic heart disease

I`m another teenaged suicide

In a street that has no trees

[Chorus]

I`m a starving third world mother

A refugee without a home

I`m a house wife hooked on Valium

I`m a Pensioner alone

I`m a cancer ridden spectre

Covering the earth

I`m another hungry baby

I`m an accident of birth.

[Dorkins]

my guess would be that that richer people have a bigger average asset to debt ratio, perhaps a 1/5th debt to 4/5ths wealth? and younger and poorer people will have more debt

I doubt it very much. People in their 20s may have £10k student loans (linked to the lower of RPI or BoE + 1% and payments proportional to income) but how many BTL landlords in their 40s and 50s bought at boom prices with IO tracker mortgages? Plus let's not forget that people who have pensions invested in equities not only own those companies, they own those companies' debts too. An awful lot of that "wealth" exists in an illiquid form opposite a comparable debt on a balance sheet.

[VeryMeanReversion]

A public sector, index-linked pension for 2/3rds salary on £50K final income would be worth £1million at a guess.

VMR.

[The Floating World]

Ignoring the 1 - 2% of the population who are truly wealthy ( i.e. at least five generations of inherited wealth exceeding £1 million), the rest of us are really paupers.

Of the 10% discussed in the report I would guess that the bulk of them live in the South East are in their late fifties/ early sixties. Hence the large pension pots. They will be about to/ or recently have inherited half shares in both sets of parent's property. For the first times in their lives they are debt free and about to be child free.

They will be embarking on a wild spending spree (that is if they can remember how to be carefree) once all the children have gone to University.

Their children will be envious.

So will everyone on HPC.

They won't care.

[abharrisson]

http://www.thisismoney.co.uk/news/article.html?in_article_id=505153&in_page_id=2

10% head for a million (but can't spend it)

By Becky Barrow

25 May 2010, 9:02am

Clearly, the system does work because it makes people who stick with it extremely wealthy.

All of those on HPC who bemoan the UK and what it has done to them should heed this example, get their heads down and work. In 30 years time Rodney, you'll be a millionaire.

I should think only the top 0.25% would feel like they are living anything like the "millionnaire" lifestyle.... somehwere they publish what you need to live like a "millionnaire"... even £10m hardly gets you anywhere these days... decent house in the country and a place in Mayfair and its all gone... you'd need something like £30m now surely especially as you'd need employ a fair old cast including Jeeves to look after things for you.

[Concrete Jungle]

If I don't mark my assets to market can I pretend to be a millionaire too?

[Darkman]

Top 10% Of The Uk Population Are Milionaires

Indeed.

The biggest wealth transfer from young to old the country has ever seen, all thanks to our immoral property market.

Well done UK.

[Dorkins]

A public sector, index-linked pension for 2/3rds salary on £50K final income would be worth £1million at a guess.

VMR.

You forgot to put "guaranteed by an insolvent government" in there.

[OnlyMe]

You forgot to put "guaranteed by an insolvent government" in there.

And a morally bankrupt central bank.

[RichB]

Clearly, the system does work because it makes people who stick with it extremely wealthy.

All of those on HPC who bemoan the UK and what it has done to them should heed this example, get their heads down and work. In 30 years time Rodney, you'll be a millionaire.

Hm. So presumably if they all wanted to swap their assets for cold hard cash at the same time they could?

[r.bartlett]

Ub40 - One In Ten

I am the one in ten

A number on a list

I am the one in ten

Even though I don`t exist

Nobody Knows me

Even though I`m always there

A statistic, a reminder

Of a world that doesn`t care

My arms enfold the dole queue

Malnutrition dulls my hair

My eyes are black and lifeless

With an underprivileged stare

I`m the beggar on the corner

Will no-one spare a dime?

I`m the child that never learns to read

`Cause no-one spared the time

[Chorus]

I`m the murderer and the victim

The licence with the gun

I`m a sad and bruised old lady

In an ally in a slum

I`m a middle aged businessman

With chronic heart disease

I`m another teenaged suicide

In a street that has no trees

[Chorus]

I`m a starving third world mother

A refugee without a home

I`m a house wife hooked on Valium

I`m a Pensioner alone

I`m a cancer ridden spectre

Covering the earth

I`m another hungry baby

I`m an accident of birth.

Good God they were musical diarrhoea

Statistical reminder that the public isn't always right