Jason Posted July 14, 2006 Share Posted July 14, 2006 http://www.dailymail.co.uk/pages/live/arti...in_page_id=1770 A hundred new millionaires a day are being created thanks to the astonishing rise in wealth in Britain, according to new figures. A combination of the power of the City, the remorseless growth of the property market and the rise of globalisation mean there are more rich people in the country than ever before, an analysis found. By 2011 there will be 760,000 millionaires as house prices continue to go up, it predicted. The current number of millionaires, including all assets, is just under 600,000. Yeah, all this new wealth that is created with rising asset prices - NOT! Quote Link to comment Share on other sites More sharing options...
CrashedOutAndBurned Posted July 14, 2006 Share Posted July 14, 2006 Whoo hoo. Look at me and my 1 million quid workingman's cottage. I'm so rich. Quote Link to comment Share on other sites More sharing options...
faloos Posted July 14, 2006 Share Posted July 14, 2006 Whoo hoo. Look at me and my 1 million quid workingman's cottage. I'm so rich. How much of that is Debt !! Quote Link to comment Share on other sites More sharing options...
Realistbear Posted July 14, 2006 Share Posted July 14, 2006 How much of that is Debt !! Not so much debt as "opinion." As Merv the Swerve said: House prices are a matter of opinion whereas debt is real. Like stocks, gold, antiques or anything else you care to name, the value is set by opinion. Quote Link to comment Share on other sites More sharing options...
Ritters Posted July 14, 2006 Share Posted July 14, 2006 (edited) 200 people are bankrupt every day And where do they think the millions are coming from? Does it grow on trees? So there's twice as many new bankrupts as there are new millionaires each day Nowt to do with growth and economic success, morelike wealth transferance Edited July 14, 2006 by Ritters Quote Link to comment Share on other sites More sharing options...
smiley Posted July 14, 2006 Share Posted July 14, 2006 This is Daily Mail doing money porn. I bet, somewhere else in the paper, they'll be talking about old-fashioned values, hard working family folk and so on. Of course, we could create perhaps two or three million millionaires overnight if we adopted the euro! (Or, if we adopted the Japanese Yen, perhaps twenty million!). But the Mail would never suggest that! Quote Link to comment Share on other sites More sharing options...
dogbox Posted July 14, 2006 Share Posted July 14, 2006 Its no surprise. We have become a nation of risk - takers which in my book is a plus in aggregate. Some buyers abroad I know have reserved 10 properties off - plan. They have no possibility of raising the completion funds to complete on these. They aim to sell prior to completion having made a juicy profit on each. Thier relatively small deposits are leveredging them into big profit exposure. There will always be casulaties, but as Ive always said the key to quick financial security is simply 'doing'. Quote Link to comment Share on other sites More sharing options...
Marina Posted July 14, 2006 Share Posted July 14, 2006 There will always be casulaties, but as Ive always said the key to quick financial security is simply 'doing'. There will always be winners, but as I've always said, the key to financial ruin is plunging in and taking risks. Surely the real key is the risk/reward ratio. I know lots of people that have taken risks and failed. I know some that have succeeded. I think the differentiator is, to a greater than lesser extent, impossible to determine. So I have determined that something called 'luck' comes into play. I don't believe that everyone who took risks and was successful was lucky - but some of them were. I don't believe that everyone who took risks and failed was unlucky - but some of them were. Buying 10 properties off-plan - at the moment - in developed markets like Spain etc might be considered folly as it is a saturated market. Buying 10 properties off-plan - at the moment - in undeveloped markets like your recent favourite - Morocco - might be considered folly as you have to ask yourself where all the wealth is going to come from to drive those markets up. Then again it might be astute as money has to find a home and if the market is saturated in Spain, maybe Morocco is next. I wonder though - is your money secure there? Not worried about a quick revolutionary chang of government to tax foreign investors etc. So we end up with the old truisms 'the man that never made a mistake never made anything'. Quote Link to comment Share on other sites More sharing options...
Jason Posted July 14, 2006 Author Share Posted July 14, 2006 I notice how the Daily Mail doesn't publish my comment (at the bottom of the article) saying how rising how prices don't create wealth! Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted July 14, 2006 Share Posted July 14, 2006 this proves that todays obsession with property is now firmly rooted into your personalities. we all now pressume. millionaire = property. not too long ago it would have been millionaire = inventor. millionaire = manufacturer. millionaire = stockbroker. millionaire = exporter millionaire = businessman fast forward 4 years millionaire = borrower and theif. Quote Link to comment Share on other sites More sharing options...
RichM Posted July 14, 2006 Share Posted July 14, 2006 I'd be glad if more in this country took risks and developed saleable products. Borrowing money to invest in an asset boom is just speculation, big deal. At least when the city brokers do a similar thing on the stock market one might argue they are helping people's pension funds. No one is adding much value, as far as I can tell. Bully for them. The tax system needs on overhaul is everyone is ploughing into this sort of caper. Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted July 14, 2006 Share Posted July 14, 2006 I'd be glad if more in this country took risks and developed saleable products yes i know what you mean. the recent uk attempts have been sublime. the safety rasp. the premeditated paper scanner. bio degradable staples fish and chip covers permanent laptops the expanding table coaster. pearsons quaver flavourings the see-through kitchen waste bin revolving bus stops chlorine flavourings toasted sandwich auto shutoff. voice activated bath taps. calculator cleaning fluid Quote Link to comment Share on other sites More sharing options...
apom Posted July 14, 2006 Share Posted July 14, 2006 http://www.dailymail.co.uk/pages/live/arti...in_page_id=1770 A hundred new millionaires a day are being created thanks to the astonishing rise in wealth in Britain, according to new figures. A combination of the power of the City, the remorseless growth of the property market and the rise of globalisation mean there are more rich people in the country than ever before, an analysis found. By 2011 there will be 760,000 millionaires as house prices continue to go up, it predicted. The current number of millionaires, including all assets, is just under 600,000. Yeah, all this new wealth that is created with rising asset prices - NOT! Three weeks ago and their headlines stated that Mervin King had announced that house prices could not be sustained.. They really do grab hold of an angle to take on the economic situation in this country and then try all of the others.. Bless them Remember, over 50% of the country now stagnanant or dropping according to the land registry... Quote Link to comment Share on other sites More sharing options...
Guest Alright Jack Posted July 14, 2006 Share Posted July 14, 2006 So we only have to sell a couple of homes to become millionaires... In Zimbabwe they are even richer since they need only sell a couple of loaves. Quote Link to comment Share on other sites More sharing options...
Guest Alright Jack Posted July 14, 2006 Share Posted July 14, 2006 I have a portfolio of over twenty loaves. Those who say it usually don't got it. Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted July 14, 2006 Share Posted July 14, 2006 (edited) I have a portfolio of over twenty loaves. I always thought you were a guy with plenty of bread. Are you expecting your loaves to "rise" in value? Seems a little half baked to me. Still it's one way of earning a crust. Edited July 14, 2006 by Bart of Darkness Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted July 14, 2006 Share Posted July 14, 2006 That's the 'yeast' of my worries! Don't forget that the taxman will want his slice. Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted July 14, 2006 Share Posted July 14, 2006 With regards to tax, I'm hoping for a rebake. As for my portfolio, currently I'm long rolls, but short pastry. With market savvy like that you'll soon have enough dough to loaf around all day watching the currenty markets. Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted July 14, 2006 Share Posted July 14, 2006 I've never been short of dough. EDIT: Crossed threads. As Homer would say "Dough!" No knead. Anyway, that's a de-rye-sory suggestion. You're on a roll now. I suppose it helps to know which side your bread is buttered. Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted July 14, 2006 Share Posted July 14, 2006 But my fear is that no matter how much I rise up, no matter how much I flour, I'll never be allowed to join the upper crust. Those jammy b*stards! I sympathise but I can only offer a few crumbs of comfort. And after all, the upper crust are better bread than the likes of us. Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted July 14, 2006 Share Posted July 14, 2006 I give up! EDIT - can't resist - I'm leaven this thread for good! All this talk of dough has gone sour! I've run out of bready puns too. Time to quit while we're ahead. Now that's using your loaf. Adios amigo. Quote Link to comment Share on other sites More sharing options...
Guest Alright Jack Posted July 14, 2006 Share Posted July 14, 2006 200 people are bankrupt every day... twice as many new bankrupts as there are new millionaires each day Today's Millionaire = tomorrow's bankrupt citizen ? Do you have the figures to prove that ...These bankrupts were well over leavenridged. Quote Link to comment Share on other sites More sharing options...
Casual Observer Posted July 14, 2006 Share Posted July 14, 2006 (edited) I always thought you were a guy with plenty of bread. Are you expecting your loaves to "rise" in value? Seems a little half baked to me. Still it's one way of earning a crust. D'ough! Oops, someone cracked that joke before me! Edited July 14, 2006 by Casual Observer Quote Link to comment Share on other sites More sharing options...
AgeingBabyBoomer Posted July 14, 2006 Share Posted July 14, 2006 Isn't this just a very roundabout way of saying we have had rampant inflation for the past forty years? In Italy, when they had the lira, even the benefit scroungers were millionares - they all got sooo much poorer when they joined the euro ABB Quote Link to comment Share on other sites More sharing options...
binkybonka Posted July 14, 2006 Share Posted July 14, 2006 Today's Millionaire = tomorrow's bankrupt citizen ? Why so? The negativity and presumptions are mind blowing. A lot of people have made life changing amounts from this boom, many by doing nothing more than owning their family home. And if they have, should you not be happy for them. Remember Bubb, by your own posts, you are well on your way to multi millionaire status. Whats good for the goose................... Quote Link to comment Share on other sites More sharing options...
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