36,000 new millionaires created off back of property boom

A boom in property prices has helped the High Net Worth Individual (HNWI) population of the UK grow by 6.3% in 2021, as wealth increased by almost 7.5% in that time. The previous year during the pandemic it was -3.0% and -1.1%. The figures were published in Capgemini's annual wealth report, which highlighted the major cause for the boom in millionaires in Britain was the property market. The study had demand outpacing supply in the property market which drove up house prices. Prices were up more than 13% at the peak of the growth spike in June, compared with the same month a year earlier. The pace had cooled by December, when the stamp duty holiday was over, but price rises remained high by historical standards with the average property up 9.5% on the year.

The Daily Telegraph City A.M.