The post-Brexit vote collapse in sterling has wiped $1.5 trillion (£1.2 trillion) off UK wealth, according to Credit Suisse. The Swiss bank’s Global Wealth Report said that following the pound’s 16% slide against the greenback, the number of dollar millionaires has fallen by 406,000 since the EU referendum result.
Michael O’Sullivan, Credit Suisse’s international wealth chief investment officer of international wealth management, said: ‘The impact of the Brexit vote is widely thought of in terms of GDP, but the impact on household wealth bears watching.
‘Since the Brexit vote, UK household wealth has fallen by $1.5 trillion. Wealth per adult has already dropped by $33,000 to $289,000 since the end of June.’ MORE >>>
[Source: New Model Adviser – by James Phillipps – 22 November 2016]