Fri Aug 28, 2015 12:13PM
According to a report, there are now 715,000 millionaires living in Britain compared with 508,000 in 2010.
According to a report, there are now 715,000 millionaires living in Britain compared with 508,000 in 2010.

A new study has found that the number of millionaires in the UK has increased significantly within the past five years.

Figures released by Barclays, a British multinational banking and financial services company, indicate that Britain now boasts 41 percent more millionaires than it did five years ago.

According to the report, there are now 715,000 millionaires living in Britain compared with 508,000 in 2010.

It is estimated that one in 65 British adults is now categorized as having a seven-figure fortune.

The rise is seen as a result of booming house prices and stock market gains.

 

A file picture by AFP shows a family leaving after collecting food and clothing from a food bank charity in west London on December 23, 2014.

It comes against the backdrop of rising house prices and volatile stock market which have already taken a heavy toll on British people.

The revelation has already given rise to concerns over widening rich-poor gap in the UK.

A number of recent reports have already warned about growing inequality and poverty in the UK.

Back in May, the UK was labeled the “European capital of inequality” after a report revealed the gap between rich and poor was the biggest in the EU.

The study, titled “Recent Developments in the Distribution of Wages in Europe,” analyzed data from 2004 to 2011.

'Poverty gap widening'

Meanwhile, a social activist living in London believes that the increasing number of millionaires in the UK shows that the poverty is also on the rise.

“You can’t have wealth without creating poverty… Equality is not compatible with wealth. Wealth creates extreme poverty. So when we see millionaires, it’s not random thing that poverty gap widens,” Norbert Lawrie told Press TV on Friday.

‘Sign of economic failure’

Rodney Shakespeare, a London-based professor of economics believes that the growing number of millionaires in the UK is “a sign of economic and political failure”.

“The number of millionaires who have come into existence is ultimately a sign of economic and political failure…, he told Press TV’s UK Desk on Friday.

Professor Shakespeare also predicted that “dissatisfied” British people will ultimately force a “realignment of UK politics.”

“I prophesy that soon the 30% of people in the UK who are dissatisfied, and who are looking for example for Jeremy Corbyn, are going to force not just the new leadership of the Labour Party, but something more fundamental. There should be a realignment of UK politics,” the London-based analyst said.