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CEBR: Number of UK millionaires has more than halved

Posted on 27. May, 2009 in General News

According to the Centre for Economics and Business Research (CEBR), the number of UK millionaires has more than halved as the earnings of the super-wealthy take a big hit from the recession.

There are now 242,000 millionaires across the country, down from a peak of 489,000 in 2007.

The decline has been caused by the collapse in shares and the property market. A 70% drop in City bonuses was another factor, according to CEBR.

The CEBR concludes that the number of UK millionaires will start to rise again from 2011 as the property market recovers.

Source: BBC 26-05-2009