Number of millionaires rockets in Britain as poorest households see their wealth diminish

The number of British households that consider themselves millionaires has rose by nearly a third in two years as the wealth of the poorest households diminished.

A total of 3.6 million households in Britain held wealth of more than £1 million by June 2016, up 29 per cent in two years, the Office for National Statistics said.

But in a sign that the Tories really are a party for the few the poorest households saw their wealth diminish.

While the wealth of those at the top end of the scale has risen, driven by the growth of private pensions and property values, those at the other end have suffered a fall over the same period.

The poorest fifth of households, less likely to own a home or a private pension, saw their wealth fall by £3,000 to £32,000.

Conor D’Arcy, senior policy analyst at the Resolution Foundation, which lobbies for low-income groups, said: “Britain is very good at generating wealth, but terrible at spreading it around the country and even worse at taxing it properly. As a result, we have unacceptably high levels of wealth inequality.

“Young people in particular are feeling the effects of Britain’s wealth divide. Our large millennial generation own just 2% of the nation’s wealth. This stems from their struggle get on the housing ladder, boosting other’s people wealth in the private rented sector, rather than build assets of their own.”

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