Millionaires will soon be a common feature in the UK, says a new report...
In a report produced by the Centre For Economic and Business Research (CEBR), the growth in housing wealth in the UK will create over 500,000 new millionaires between now and the year 2010.
As at March 2004, there were just 230,000 people in the UK who could be classified as millionaires, but by the year 2010, the projection is that a whooping 760,000, and by 2020 1.9 million would be millionaires through the property boom despite rise in interest rates.
According to CEBR CEO Douglas McWilliams, "Millionaires will be ten a penny by 2010. I think we will no longer be able to class millionaires as rich people, they won't be that unusual anymore."
Such property wealth, the CEBR argues, will be used to help fund retirement and offset lower pensions expectations and well as free up finance for future utilisation, 'trip of a lifetime', more luxurious fittings for retirement homes, golf club membership, cruises and generally a life with more luxury.
The report also sceptical of economists prediction of a crash in the housing market. The report insists that house price inflation will continue "until supply and demand came closer into balance" which looks unlikely given the amount of interest for property both within and outside the United Kingdom. On August 26TH 2004, another report showed that the number of millionaires made through property investments has jumped from 230,00 in March to an astonishing over 400,000 in five months.
Given the increase in property prices and the sustained interest, it is envisaged that millionaires will continue to be made in the property market for the foreseeable future.
To see the full report, "Housing Futures" go to the CEBR website at:www.cebr.co.uk
