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Daily Telegraph says 1 in 4 Pensioners are millionaires

(152 Posts)
newnanny Thu 30-Jun-22 09:00:52

I know some will live in houses that have gone up in value but really 1 in 4 millionaires? I know a lot of pensioners and only 1 out of about 20 I know would be a millionaire if she liquidated all assets. Do you know many millionaire pensioners?

FannyCornforth Thu 30-Jun-22 09:02:40

What?!?shock
Do you have a link at all please?
Was this today’s Telegraph?

CatsCatsCats Thu 30-Jun-22 09:03:07

I think it depends where you live. In my area, I know of quite a few millionnaire pensioners (or at least those who live in a £million+ house). It makes me feel poverty-stricken in comparison.

Charleygirl5 Thu 30-Jun-22 09:08:49

I live in London, my house has shot up in value but it is not worth 1/2 million.

I have one friend I would class as a millionaire because for many years she has been dabbling in the stock market and also inherited at least three houses I know of.

She is also miserly and would not pay for a cup of coffee in a cafe- she would prefer to have the coffee at home.

Germanshepherdsmum Thu 30-Jun-22 09:11:54

I’m surprised the number is quite that high, but it’s driven by house price inflation in the more expensive parts of the country. Many are asset rich but cash poor, rattling around in big old houses which they can’t afford to heat.

Galaxy Thu 30-Jun-22 09:13:13

Property at one stage pretty much guaranteed you that level of money if you knew what you were doing.

Joseanne Thu 30-Jun-22 09:17:09

Germanshepherdsmum

I’m surprised the number is quite that high, but it’s driven by house price inflation in the more expensive parts of the country. Many are asset rich but cash poor, rattling around in big old houses which they can’t afford to heat.

Exactly. It's only on paper.

grumppa Thu 30-Jun-22 09:20:39

Property values have distorted the picture. One handy definition of millionaire used to be someone whose annual income exceeded £100,000. This would probably reduce the 1 in 4 figure drastically.

Georgesgran Thu 30-Jun-22 09:41:29

I suspect I know several - people who have owned their own businesses and either have an ‘interest’ or are still working/dabbling around in them.
As said, many ordinary folk can be asset rich, but cash poor.
Presumably ageing rock stars, Royalty and the likes of Philip Greed (Green) are included?

Blossoming Thu 30-Jun-22 09:50:42

Unfortunately I’m one of the 3 who aren’t millionaires.

henetha Thu 30-Jun-22 09:53:49

All of us pensioners around here are pretty poor, as far as I know, unless there are some millionaires lurking secretly.

maddyone Thu 30-Jun-22 10:00:43

I simply don’t believe one in four pensioners are millionaires. Even taking housing into account. There probably are a lot of asset rich, cash poor pensioners around though, but millionaires, no I don’t think so.

FannyCornforth Thu 30-Jun-22 10:04:07

Im with you Maddy
It sounds like bunkum.
I’m trying to do some maths (😲)
According to Credit Suisse there are 2.5 million millionaires in the UK…

FannyCornforth Thu 30-Jun-22 10:05:23

And there are 11 million pensioners (19% of the population)

saltnshake Thu 30-Jun-22 10:05:37

I know of at least five in my small circle including me. Only one is actually rich, not me. The rest of us are " paper millionaires" because of booming house prices in this area, a small three bedroom semi sells for over half a million here. Madness. Pensions and savings also are included in total, people often forget about that. If I were to ask my friends if they were millionaires they would laugh at that suggestion. None of us have money to splash about, we have to budget and take care of the pennies like everyone else.

Galaxy Thu 30-Jun-22 10:07:25

I have just had a quick Google and it is a figure thats been bandied about for some time. Sunday Times were saying 1 in 5 about a year ago.

FannyCornforth Thu 30-Jun-22 10:08:48

So, according to my ‘calculations’ 🤣 the ‘1 in 4’ thing works if no one below the age of 65 is a millionaire

Pantglas2 Thu 30-Jun-22 10:10:57

FannyCornforth

And there are 11 million pensioners (19% of the population)

It’s higher in my county of Conwy, around 27%, due to it being a tourist area and folks retiring here from Birmingham, Liverpool, Manchester etc.

Glorianny Thu 30-Jun-22 10:30:31

So now I want to know which one of the three friends I'm having coffee with is the millionaire. I know it isn't me!

varian Thu 30-Jun-22 10:36:08

I'm quite willing to believe that one in four of the pensioners who read the Telegraph are millionaires.

BigBertha1 Thu 30-Jun-22 10:43:49

I do know a few but then I play golf. I know one who is fabulously wealthy and would never buy the drinks afterwards.

HousePlantQueen Thu 30-Jun-22 10:45:54

If DH and I were to drop dead tomorrow, the value of our home, savings would be a million plus, just a simple fact of where we live and ridiculous house values. Many of our friends are the same, simply because of where we live, nothing in particular that any of us did, most of us have private pensions, but nothing massive. I don't believe the 1 in 4 figure though, more divisive nonsense from The Telegraph.

RichmondPark Thu 30-Jun-22 10:52:40

more divisive nonsense from The Telegraph.

Quite!

1 in 5 pensioners in the UK live in poverty. Age UK.

Yammy Thu 30-Jun-22 10:57:04

Germanshepherdsmum

I’m surprised the number is quite that high, but it’s driven by house price inflation in the more expensive parts of the country. Many are asset rich but cash poor, rattling around in big old houses which they can’t afford to heat.

A family friend found this when house hunting within a computable distance of their jobs. They went through quite a few over the million piles, just to see what it offered. Lots were run down, had no central heating and couples were living in a small part of the house to save money.
As GSM says many were asset rich but cash poor.

annsixty Thu 30-Jun-22 10:59:46

They do both still associate with me😏