Who wants to be a millionaire? More in UK now are

Mon Mar 21, 2011 8:51am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

LONDON (Reuters) - The number of millionaires living in Britain has risen by 17 percent over the last two years as the wealthy start to recover from the 2008 credit crisis, a survey revealed on Sunday.

Barclays Wealth said there were 619,000 millionaires -- including property assets -- currently living in the UK at the end of 2010, up from 528,000 in 2008.

It added that the number of millionaires in the UK would grow by a third by 2020, meaning that Britain would be home to 826,000 millionaires.

The findings provide a stark contrast to the broader UK economic uncertainty, where official statistics earlier this month showed that the number of Britons out of work had risen to its highest level since 1994 in January.

"Despite one of the deepest recessions ever experienced by this country, these findings indicate that wealth creation is starting to recover and this trend is set to continue at a steady pace," said David Semaya, head of Barclays Wealth UK & Ireland Private Bank.

"Even with lingering uncertainty in this new economic landscape, there are indications that confidence is returning across the regions and that an improvement in investment conditions will be one factor encouraging entrepreneurs to look at how they can grow their businesses or restructure them," he added.

(Reporting by Sudip Kar-Gupta; Editing by Alexander Smith)