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To: maceng2 who wrote (585)	3/1/2004 12:50:34 AM
From: maceng2	Respond to of 1417

House prices 'boost millionaires' news.bbc.co.uk [failures of supply over the next few years? What will be the median wage for first time buyers?? pb] Some homeowners have seen values soar The number of millionaires is likely to triple in this decade, a business report has calculated. Homeowners benefiting from a rise in the value of their property has led to the increase, according to the Centre for Economics and Business Research. It forecasts that by 2010, 760,000 people would be millionaires compared with 230,000 in 2001. Some 90% of the increase in the number of millionaires would be due to rising housing wealth, the CEBR said. CEBR chief executive Douglas McWilliams said: "Millionaires will be ten a penny by 2010. I think we will no longer be able to class millionaires as rich people, they won't be that unusual anymore." Millionaires will be ten a penny by 2010 Centre for Economics and Business Research Mr McWilliams said this would enable many older people to continue to finance spending or making gifts to their children. It would also allow them to look forward to paying for the "trip of a lifetime", more luxurious retirement homes, golf club membership, cruises or second homes in the sun. Millionaire generation The report, due to be fully published on 8 March, also predicts that by 2020 the number of millionaires in Britain will soar to 1.9 million. The CEBR found that the average homeowner retiring in 1990 had £62,055 of housing wealth, while somebody retiring in 2000 would have had £76,505. It is thought that this will rise to £161,113 by 2010 and £246,705 for a homeowner retiring in 2020. The report said that in future house price inflation is expected to be slightly higher than average earnings due to failures of supply over the next few years. But it added: "By 2015 we would expect the markets to be largely in balance and from then onwards house price inflation should be in line with household disposable income."