Millionaires return to 2003 levels
The number of millionaires in the UK has returned to 2003 levels due to the slump in property and share prices, a report has revealed.
The Centre for Economics and Business Research (CEBR) estimates there are currently 242,000 millionaires in the UK, compared to 489,000 in 2007.
Between 2003 and 2007 the number of millionaires rose from 230,000 to 489,000, but with the property market stalling, many people are back beneath the threshold.
In 2006 the CEBR estimated that there would be 760,000 millionaires in the UK by 2010, however, with the economic crisis in full flow this figure will now be far lower.
With property prices showing signs of bottoming out, CEBR estimates that the number of millionaires will start to increase again in 2011.
The average wealth of a UK millionaire has fallen by an estimated 24%, according to the CEBR.
Billionaires are also facing financial problems in the recession, with the Sunday Times Rich List recently showing only 43 left in the UK, compared to 75 in 2008.
The list showed that steel tycoon Lakshmi Mittal, the richest man in Britain, had his fortune slashed by £16.9 billion to £10.8 billion.
Chelsea owner Roman Abramovich also saw his fortune dwindle, losing £4.7 billion.
Only one person in the top 20, Sir Ken Morrison, increased their wealth - adding £160 million due to the recovery of the Morrisons supermarket group.
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