According to the latest report by the Centre for Economics and Business Research (CEBR), the number of millionaires in Britain has halved since 2007. The report suggests that today Britain is home to around 242,000 millionaires compared to 489,000 in 2007. The steep drop in these figures is a direct correlation to the declining housing market, as many wealthy people have seen the value in their property tumble. It is reported that the average millionaires net worth has dropped by almost a quarter in the last year. Leading the way is Britain’s richest man, Lakshmi Mittal, who has seen his assets drop by almost £17 billion in one year.

The CEBR define a millionaire as someone who has a million pounds worth of net assets after any borrowing is considered, for example, a mortgage. Over the last 10 years there have been a huge number of individuals in the UK, who sat just shy of the million pound mark the so called ‘nearlionaires’. However, due to ups and downs in the housing market many would have unknowingly reached the boundary between 2003 and 2007 and than fell below it again in 2008.

Interestingly, as many get knocked off their millionaire pedestal, others are trying to win their way into richness. According to Camelot, who run the National Lottery, ticket sales are at a 10 year high due to the credit crunch. They estimate ticket sales to be in the region of £5.1 billion in one year despite only a 1 in 14 million chance of claiming the grand prize. 70% of adults in the UK are said to actively buy lottery tickets or scratch cards. This suggests that, against the odds, Brits continue to hope for the big win.