Home Business NewsBusiness Kerching! Number of Britons earning £1m+ doubles in two years

Kerching! Number of Britons earning £1m+ doubles in two years

by LLB Editor
3rd Jun 13 11:31 am

Never mind the sluggish growth and global financial crises, super-rich Britons keep getting richer and richer.

According to figures released by HMRC, the number of Britons earning more than £1m a year has almost doubled to 18,000.

Back in 2011, there were only 10,000 high net worth individuals in this bracket and only 4,000 earned over a million pounds in 2000.

The news comes days after figures revealed that London boasts 4,224 ‘ultra-high net worth’ residents – people with a net worth of more than $30million, or £19.2m. That makes one in 28 Londoners is a millionaire.

HMRC also revealed that the number of Britons earning between £500,000 and £1m in 2012-13 have increased by 5,000 compared to two years ago.

Figures show that 31,000 people earned £200,000 to £500,000 while 7,000 more made £150,000 to £200,000.

Speaking about the growing number of rich Britons, Matthew Whittaker, senior economist at the Resolution Foundation, said, “For most people in the bottom three-quarters or so, wage growth pretty much stalled from 2003.

“But hidden behind all that is a new phase of inequality, where the top  10% – but more particularly the top 1%– are moving away from the rest of society.”

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