UK home to almost 285,000 millionaires
As Britain continues along a path of austerity and cost cutting, new research revealed the United Kingdom is still home to 284,317 millionaires who collectively represent 1.28 trillion pounds of net wealth.
London-based CoreData’s research revealed many of Britain’s wealthy are now actively re-investing in a variety of asset classes, after running for cover during and after the credit crunch.
Around 35 per cent of assets are held in either individually held company shares or in managed funds, while a significant third (32 per cent) of millionaires’ wealth is tied up in direct property.
CoreData Research UK principal, Craig Phillips, said although some may argue a large number of millionaires reflect a clear disparity in a society, but highlighted many of Britain’s modern day millionaires are self made “and have become so through creating and running successful businesses”.
“However, Britain is clearly facing a number of fiscal challenges as global markets and developed economies continue their slow but sure journey away from the financially doomed abyss of 2008 and 2009,” Phillips added.
The research found more than half of all British millionaires reside between the 1 million pounds and 2 billion pounds band.
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
