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
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
