Credit Suisse report cites UK wealth downgrade after Brexit vote
A new report by Credit Suisse has put the cost of Brexit to UK households at $1.5 trillion (£1.2 trillion.)
In its latest Global Wealth report, the Swiss bank said that household wealth in the UK slumped by 10 per cent, in the 12 months through June 2016, as a “direct result” of the Brexit vote.
The report, which is issued annually by Credit Suisse, show one of the biggest drops in wealth among major economies, with households in Turkey and Colombia doing better than those in the UK.
The decline in wealth has had a negative effect on the total number of millionaires in the UK. The country had lost 15 per cent, or about 400,000 people, of its millionaires during the period.
Meanwhile the wealth per adult dropped by $33,000 to $289,000 since the end of June.
The dramatic plunge in wealth was driven by a fall in the value of the pound, which has lost about 18 per cent following UK’s decision to leave the EU.
Inequality remains a major issue, according to Credit Suisse, with UK’s top 1 per cent of richest people continuing to own 24 per cent of the nation’s wealth.