Number of UK demi-millionaires rises

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Number of UK demi-millionaires rises

Wed 11th Oct 2006

The number of Britons with a net wealth of half a million pounds or over has risen to a total of around 820,000, Brewin Dolphin Wealth Management (BDWM) reports.

An average wealth of £903,073 has been amassed by these UK demi-millionaires which puts their cumulative wealth at over £740 billion.

The largest percentage of demi-millionaires are aged between 45 and 64 and account for 44 per cent, while 38 per cent are aged 65 or over and the remaining 18 per cent were found to be under the age of 44.

Martin Smith, chief executive of BDWM, commented: "The number of people in the UK with sizeable assets is growing rapidly.

"There are a number of reasons for this, including rising property prices, but also strong stock market performance over the long-term."

It appears the housing market could be the largest single factor behind the rise in demi-millionaires as a collective total of demi-millionaires' wealth, £267.4 billion, is invested in UK property.

Brewin Dolphin Wealth Management is a division within Brewin Dolphin Securities and advises clients looking to invest over £100,000.

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