Number of UK millionaires 'to triple' by 2010
Howard Lake | 1 March 2004 | News
The Centre for Economics and Business Research predicts that by 2010 there will be 760,000 people in the UK with assets over £1 million, compared to 230,000 in 2001.
This jump in the number of wealthy people is of course down to the rise in house prices. So, the wealth is asset and not cash-based, so in practice it is not the kind that fundraisers will be able to get their hands on easily.
Nevertheless, this kind of wealth does get released, either through transfers within the family to the next generation, or through property sales. So prospect research, legacy and tax-effectivive giving campaigns, and diligent donor communications are all important activities that might help some charities secure some of this wealth.
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The long term outlook for such enhanced personal wealth is also rosy, according to research. By 2020 there will be 1.9 millionaires in Britain. Of course, a million pounds in 16 years’ time won’t be worth what it is now, but it is reasonable to assume that an increasing number of charities are going to have to get used to communicating effectively with millionaires.
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.