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UK loses 400 millionaires to Brexit effect

ZURICH: November 24, 2016. A report from Credit Suisse Research on the growth of global wealth in the past 12 months, says the UK has lost over 400 millionaires as a result of Sterling's depreciation against the U.S. Dollar.

The report concludes the UK has already lost US$1.5 trillion following the Brexit vote to leave the European Union.

By way of contrast, Switzerland's total household wealth is US$3.5 trillion, or 1.4 percent of global assets; the Swiss are eleven times wealthier than the average world citizen; and to be among the wealthiest one percent in the country requires a minimum of US$5 million.

Credit Suisse millionaires 2016While global wealth has risen by US$3.5 trillion or 1.4 percent to US$256 trillion dollars, Credit Suisse says the average wealth per adult worldwide is unchanged for the first time since 2008 at US$52,800.

Also unchanged is the disparity between those at the top and bottom of the wealth pyramid. While the bottom half of the world's population own less than one percent of global wealth, the top 10 percent own 89 percent, according to the bank.

The 3.5 billion adults with wealth below US$10,000 account for 2.4 percent of global wealth while 33,000,000 millionaires comprise less than one percent of the adult population, but own 46 percent of household wealth.

The most significant drops in wealth per adult in the past 12 months were in the UK, down US$33,000 to US$289,000; Switzerland, down US$ 27,000 to US$ 562,000; and Norway, down US$13,000 to US$312,000.

In 2000, emerging economies accounted for a mere 12 percent of global wealth; in 2016 this number rose to 18 percent with Communist China accounting for nine percent of the world's ultra-high net worth population - well above France, Germany, Italy, and the UK.

The U.S. has by far the greatest number of the world's millionaires at 13.6 million, or 41 percent of the total, followed by Japan with 9.0 percent and the UK with 7.0 percent. Germany, France, and China have 5.0 percent each, ahead of Italy, Canada, and Australia with 3.0 percent. Switzerland, Korea, Spain, and Taiwan are the four other countries with more than 350,000 millionaires, which is the minimum requirement for a one percent share of the global total.

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