LONDON - The number of millionaires in Britain has almost doubled to an estimated 425,000 in the space of just three years, the result of a surge in the value of British house prices, a study published on Thursday found.

Britain had 230,000 millionaires in 2001, according to government estimates, but that figure has since likely jumped 85% to 425,000, the result of a 64% jump in British property prices over the period, the Centre for Economics and Business Research (CEBR) said.

An estimated 41% of the country's millionaires live in London, while one in every 20 of the capital's households is worth £1-million ($1.79-million) or more, the CEBR said.

The organisation defines household wealth as the total value of people's property, investments and other assets, minus any borrowings they have such as a mortgage.
 
AFP