Rich Britannia! We have the most millionaires in Europe

BRITAIN is now home to more than 2.4million dollar millionaires – more than any other European country.

A report says the number of British people with wealth of more than $1million (£767,000) rose by 244,000 in the year to mid-2018.

The rise was mostly because increasing house prices and a rising stock market meant existing assets were worth more.

Research by Swiss bank Credit Suisse also showed that the top 1 per cent of the world’s population control 47.2 per cent of its wealth, or £114.1trillion.

Britain ranks fourth for the most millionaires – behind the US, China and Japan. We are just ahead of Germany with 2.2million and France with 2.1million.

The total number of British millionaires is expected to rise by 30 per cent over the next five years to 3.2million, and the country will remain at number four.

There are an estimated 146,000 people with assets worth more than $50million (£38million). This number is expected to rise by 55,000 by 2023. Half of these people will live in the US, with 33,000 in Europe and 40,000 in the Asia-Pacific region.