The number of millionaires in the UK has more than halved since 2007 as house prices, share values and bonus payments have tumbled.
About 242,000 people now have assets of more than £1 million, down from 489,000 in 2007, according to estimates from the Centre for Economics and Business Research (CEBR). Millionaires have seen nearly a quarter of their wealth wiped out over the past two years.
Isn’t this excellent news? Surely lefties and socialists everywhere are celebrating? Equality has risen as the rich become poorer.
Never mind that everyone has become poorer, if inequality has fallen that’s all that matters.