Luxury car sales fall after millionaires hit by crunch

SALES of luxury cars have plummeted after the number of UK millionaires fell sharply on the back of the credit crunch. <br /><br />Sales of Bentleys are down 66 per cent so far this year, while sales of BMWs are down by 35 per cent, against a 29 per cent fall for the entire car market.<br /><br />In a report published today, the Centre for Economics and Business Research (CEBR) reveals that the number of millionaires has fallen to 242,000 after peaking at 489,000 in 2007. The property bubble collapse, tumbling markets and City bonuses falling by 70 per cent are to blame for the drop in the number of people worth a million or more.<br /><br />But millionaires can take solace in the fact billionaires have been hit harder. Their wealth has fallen by 38 per cent on average this year, compared to the 24 per cent drop experienced by millionaires, said the CEBR.<br /><br />With property prices near to bottoming out, the CEBR says it expects the number of millionaires to start to rise again in 2011.