In 2006 it was reported by the Centre for Economic and Business Research, that there are around 376,000 millionaires who are resident within the UK.
This is predicted to rise to 690,000 by the year 2010 and a whopping 1.7 million by the year 2020. It is also estimated that over 53% will be female, since the number of female millionaires are on the increase.
The reason for the increase in millionaires is partly attributed to rising house prices and of course the National Lottery (Lotto) bumps up the figure almost weekly.
It may be possible that the figure of 376,000 millionaires is on the low side, since some millionaires may choose to be tax exiles and will reside within the UK, but only for a couple of months per year, since they can then pay tax in a country where the upper limit of taxation is less than the 40% rate of the UK.
This is predicted to rise to 690,000 by the year 2010 and a whopping 1.7 million by the year 2020. It is also estimated that over 53% will be female, since the number of female millionaires are on the increase.
The reason for the increase in millionaires is partly attributed to rising house prices and of course the National Lottery (Lotto) bumps up the figure almost weekly.
It may be possible that the figure of 376,000 millionaires is on the low side, since some millionaires may choose to be tax exiles and will reside within the UK, but only for a couple of months per year, since they can then pay tax in a country where the upper limit of taxation is less than the 40% rate of the UK.
