pendodave
Tour Rookie
At a time of life when friends, family, shopping, good public transport and health (and other) services are very important, it's really not always the best thing.
Is a millionaire rich nowadays?
- Thread starter Canfordhacker
- Start date
Crow
Crow Person
Yes, but not as rich as they once were.
bobmac
Major Champion
If they've got any sense.
I understand living there while you're working because that's where the high wages are but when you retire, why stay, especially if you own your own house.
Sell your £1m house, move up north a bit and buy a smaller house for £300,000 and use the other £700k for whatever you want.
And you can save a fortune on golf membership.
And if you choose wisely, low crime rate, good facilities, clean air, friendly local communities and peaceful country walks on your door step.
But, each to their own.
PJ87
Journeyman Pro
Why would we want to move away from friends and family at a time of our lifes when we would no longer be working so making new friends won't just happen. Support networks, familiarity
Slab
Occasional Tour Caddy
Also depends a lot on the currency 
PhilTheFragger
Provider of Entertainment for the Golfing Gods 🙄
If you live in london and have bought a property worth over £1 mill
Your mortgage is going to be huge, which wipes that millionaire smile off your face.
Of course it’s different if you have had the property for 20 years or inherited it
Your mortgage is going to be huge, which wipes that millionaire smile off your face.
Of course it’s different if you have had the property for 20 years or inherited it
backwoodsman
Tour Winner
Is precisely what me & Mrs B are in process of doing...
Mitigation is that we both originate from north midlands and the northeast.
(Proviso is that our house is worth a lot but ain't worth a £1million ...)
PNWokingham
Journeyman Pro
many people, especiallly in the south would be classifies as millionaires. One key change was in 2016 when pension freedoms were introduced an the value of your pensions were in yor control and could be passed on after death and people were not forced to buy poor value annuities.
But as to what is a millionaire, it is straightforwatd - your assets (cash, investments, pension, house, cars, watches etc) minus your liabilities (debts). It is pointless having other versions. If you have a 1m house, you could easily sell, move away and buy a 300k one and have cash in bank, etc etc
But as to what is a millionaire, it is straightforwatd - your assets (cash, investments, pension, house, cars, watches etc) minus your liabilities (debts). It is pointless having other versions. If you have a 1m house, you could easily sell, move away and buy a 300k one and have cash in bank, etc etc
Doon frae Troon
Ryder Cup Winner
If you own your £1m house but still have £750,000 on the mortgage are you a millionaire ?
Backache
Assistant Pro
Not through your property holdings you're not.
Which is why I emphasized having a large stake in the ownership.
Realistically a lot of people in London will have owned their houses for a long time, purchasing when prices were cheaper and will have paid off a good chunk of the mortgage.
D-S
Well-known member
I heard a Frenchman once say “You can’t borrow wealth”.
cliveb
Head Pro
There's an exception to every rule, eg. the shareholders of Thames Water.
PNWokingham
Journeyman Pro
that get's you a quarter of the way there - depends on your other assets
Doon frae Troon
Ryder Cup Winner
A bit like many pensioners at the moment then
Piece
Tour Winner
If I go to cash point and my balance says >= £1M, only then would I say I was a millionaire.
Which it doesn't!
Which it doesn't!
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Mudball
Assistant Pro
I have never understood why there is a lifetime limit on what you can put in your pension..
if I can pack my pension north of 1m, why should the taxman care? In many ways a fat pension pot will allow me to stay off the state rolls
if I can pack my pension north of 1m, why should the taxman care? In many ways a fat pension pot will allow me to stay off the state rolls
PNWokingham
Journeyman Pro
the lifetime limit was scrapped from the start of this tax year - now just an annual 60k limit although this can be reduced in two scenarios:
1. If your adjusted income is over 260k per year - the allowance reduces by £1 for every £2 over this to a minimum annual allowance of 10k
2. You have accessed your pension flexibly, triggering the MPAA, which reduces the 60k to 10k
SwingsitlikeHogan
Major Champion
...and as Aberdonians I know might well say..."If a canna tak it wi me then am no goin'".
SwingsitlikeHogan
Major Champion
One has to chortle a little at that thought and how the 'common man' would contemplate such a possibility
nb - I know its just a statement of financial fact but its still a little thought-provoking.
Voyager EMH
Slipper Wearing Plucker of Pheasants
The figures below are for households not individuals.
Each decile shows the average for that decile - not the minimum to be in that decile.
The cut-off point for millionaire households might be around 12.5% of population. Somewhat smaller for individuals.
The top 1% of households have £3.5 million or more. A fairly reasonable equivalent to "millionaire" from a few decades ago.
This is a very wealthy country where 3 in every hundred households are very rich people.
10% of households have 43% of the total wealth.
Each decile shows the average for that decile - not the minimum to be in that decile.
The cut-off point for millionaire households might be around 12.5% of population. Somewhat smaller for individuals.
The top 1% of households have £3.5 million or more. A fairly reasonable equivalent to "millionaire" from a few decades ago.
This is a very wealthy country where 3 in every hundred households are very rich people.
10% of households have 43% of the total wealth.
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