Hurrah! Hurrah!

The number of millionaires in the UK has more than halved since 2007 as house prices, share values and bonus payments have tumbled.

About 242,000 people now have assets of more than £1 million, down from 489,000 in 2007, according to estimates from the Centre for Economics and Business Research (CEBR). Millionaires have seen nearly a quarter of their wealth wiped out over the past two years.

Isn\’t this excellent news? Surely lefties and socialists everywhere are celebrating? Equality has risen as the rich become poorer.

Never mind that everyone has become poorer, if inequality has fallen that\’s all that matters.

Yes?

4 thoughts on “Hurrah! Hurrah!”

  1. Methinks that their joy at the fall in the number of millionaires may tempered by the fact that these MPs with second and third homes have all ‘lost’ a hundred thousand quid in equity over the last eighteen months …

    For ‘kick start the housing market’ read ‘kick start MPs retirement funds’.

  2. Well you don’t know what proportion of wealth has been wiped out for non-millionaires, so it’s impossible to know.

    But I think this belief that higher house prices represents an increase in wealth is silly, the housing stock remains almost exactly the same as it was this time last year. So is it good news that house prices have fallen? Well one can certainly argue it – righties used to believe that a falling real prices for consumer goods was a positive.

  3. @Matthew

    The confusion between prices and wealth is understandable. It might be worth listening to this recent podcast on Econtalk.org

Leave a Reply

Your email address will not be published. Required fields are marked *