WBrief: UK £5m+ population grows 19% - Spear's Magazine

WBrief: UK £5m+ population grows 19%

The number of people with £5 million (around $8.1 million) in the UK has grown by 19 per cent over the past two years, according the Barclays Wealth 2011 UK Wealth Map, a new report that provides a snapshot of the wealth landscape

The number of people with £5 million (around $8.1 million) in the UK has grown by 19 per cent over the past two years, according the Barclays Wealth 2011 UK Wealth Map, a new report that provides a snapshot of the wealth landscape.

“Despite one of the deepest recessions ever experienced by this country, these findings indicate that wealth creation is starting to recover and this trend is set to continue at a steady pace. We are hopeful that this will contribute to growth in the wider economy and help boost regional expansion in the coming years,” said David Semaya, head of UK and Ireland private bank at Barclays Wealth.

The figures suggest that while competition for high net worth clients has become more difficult in the wake of the 2008 financial crisis, the underlying trend of an expanding HNW customer basis is still positive.

New figures show there are 619,000 millionaires in the UK today (2008: 528,000), of which 86,000 millionaires have a wealth of £5 million or more. Unsurprisingly the majority, 46 per cent, of UK-based millionaires live in London and the South East.

To read the full story, visit wealthbriefing.com



 

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