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Super Rich Are Deserting Britain, Claims Report

The super-rich are increasing in number, but wealth is moving away from Europe, according to a new report.

But Britain is the only European country where the ultra-wealthy population is shrinking.

To be ultra-wealthy, you must have $50 million or more of net assets.

Worldwide, the number of ultra-wealthy individuals increased by 10%, reveals the Knight Frank Wealth Report 2018.

The number of super rich stands at 129,730, says the report, and between them, this exclusive club controls a combined net worth of $26.4 trillion.

Losing sight of the rest of the world

But while the ultra-wealthy club is growing worldwide, Britain failed to keep pace.

With 4,580 super rich in the country, the population slipped by 2% in 2016 and has seen a 6% fall since 2012.

Every other European country saw their super rich population increase last year – from just 4% in Spain and Portugal to 17% in Sweden and 18% in France. The rest clustered between 7% and 14%.

And the number of ultra-wealthy in Europe is losing sight of the rest of the world.

The US and Canada saw a massive 31% increase in numbers, while Asia performed even better at 37%.

Asia surpassed the European with a super-rich population of 35,880, compared to 35,180 in the old world. China with a growth of 96% and India, with 54%, led the way in the East.

Auspicious time for wealth creation

North America retained the crown as the region with the most ultra-wealthy individuals, with a head count of 44,000 – just over a third of the global super-rich population.

Although Britain is not sitting at the top table of countries with the wealthiest individuals, many others had far less impressive results.

Russia has seen a 37% decline since 2012, while South America and the Caribbean saw a drop of 22%.

Vincent White, Managing Director at the Wealth-X Institute, the company behind the research, explained this is an auspicious time for wealth creation.

“We have been experiencing ‘Goldilocks’ economic conditions: not too hot, and not too cold. These make it easier to do business, provide a good environment to raise capital and, above all, encourage entrepreneurialism – the key to wealth creation,” he said.

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