La tremenda inflación del precio de las casas y el valor desmesurado de sus pensiones PRIVADAS
One British household in 10 has £1m assets
UK now has around 2.5m millionaire households, boosted by pensions and house prices, according to new book
But surging house prices and – more recently – rocketing valuations of pensions have boosted Britain’s wealth far beyond its overall earning power. Back in the 1960s, Britons’ non-pension wealth was only about twice national income; by the mid-noughties Britons were instead worth four times what they earned.
Hills explains: «It is not that there are millions of people with millions of pounds in the bank, but rather that London property prices and – for those lucky professionals who retain them – final salary pensions have quietly made technical millionaires out of many who would only consider themselves as solidly middle-class.»