According to reports, the number of millionaires in the UK have halved ever since the financial recession. The number of millionaires currently is 242,000 which were 489,000 in 2007, revealed the Centre for Economics and Business Research (CEBR).

The report found that the major share of such a decline is caused by the downfall of in the property and stock market of UK. Massive drop in the City bonuses was another factor. The report added that many of previous millionaires had only just crept above the £1m wealth threshold because of the rise in property prices, which now has fallen down sharply.

The CEBR said the fall in the number of millionaires could be seen in the recent reduction in the sale of luxury items, such as Bentley cars, sales of which have fallen 66% this year. However, the report concludes that the number rise again from 2011 as the property market recovers.