How rising house prices mean one in 79 Brits is now a millionaire
There are now 625,000 millionaires in the UK, according to Barclays' Wealth report
RISING house prices mean that one in 79 Brits over the age of 21 is now a millionaire.
The number is up from one in 84 last year - the highest level on record - according to a report by Barclays Wealth.
It means that there are now 625,000 millionaires in Britain, with the number of people worth £1 million up by 44,000 or nearly 8 per cent in the past 12 months.
Nearly half of the millionaires live in London and the South East, where property prices are higher than the rest of the country.
There are 165,000 millionaires in London, up 6.5 per cent, while Scotland was the only region to not see a growth in the amount of people worth over six figures.
Its report claims that rising house prices mean that the "millionaire" term is no longer reserved for someone with "extreme wealth".
But it's not all good news...as Barclays' 2017 UK Prosperity Map shows that areas including London, Wales, the North East, North West, South West and Scotland have seen a drop in their overall affluence.
The report noted that the slowdown came against a backdrop of "fluctuating economic conditions" as well as ongoing Brexit negotiations.
Dena Brumpton, Barclays' chief executive of Wealth & Investments, said: "The last 12 months have seen fluctuations in the UK economy, and this is reflected in the mixed picture of prosperity growth across the country in this year's UK Prosperity Map."
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While London continues to top city prosperity tables, Newcastle and Birmingham actually felt the largest increase in GDP per capita this year at 4.4 per cent and 4.2 per cent, which easily outpaced overall UK growth of 1.8 per cent.
London also lagged behind in house price growth, having risen a mere 3 per cent compared to 8 per cent in Birmingham and 7 per cent in Manchester.
Nearly every city experienced higher house price growth compared to the capital.
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