According to a report conducted by The Boston Consulting Group, the United Kingdom has 440,000 millionaire households, measured in dollars and more millionaires live in London than in Switzerland as a whole.
The number of millionaires in the United Kingdom would be 1.7million by the year 2020 and it is estimated that 53% of millionaires at that time will be women. This number will have increased due to generous divorce settlements and longer life expectancy.
Our view
Given the UK property boom, this is hardly surprising. The issue is that many do not realise that they have some real tax hurdles to jump through later on in life. Gordon Brown will be happy to take 40% of your wealth in death taxes. Contact us for advice.