Advertisement
UK markets closed
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • FTSE 250

    19,884.73
    +74.07 (+0.37%)
     
  • AIM

    743.26
    +1.15 (+0.15%)
     
  • GBP/EUR

    1.1711
    +0.0018 (+0.15%)
     
  • GBP/USD

    1.2621
    -0.0001 (-0.01%)
     
  • Bitcoin GBP

    55,732.71
    +461.30 (+0.83%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CRUDE OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD FUTURES

    2,254.80
    +16.40 (+0.73%)
     
  • NIKKEI 225

    40,363.17
    +195.10 (+0.49%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • CAC 40

    8,205.81
    +1.00 (+0.01%)
     

UK wealth falls $1.5 trillion after Brexit FX moves -Credit Suisse

ZURICH, Nov 22 (Reuters) - Britain is $1.5 trillion poorer in dollar terms due to the fall in the pound since the vote to leave the European Union, a Credit Suisse (IOB: 0QP5.IL - news) study on global wealth found.

Since the referendum on June 23, the pound has weakened by around 16 percent against the dollar, meaning UK wealth is sharply lower expressed in dollar.

The Credit Suisse study also predicted that around 945 billionaires will be minted around the world in the next five years, bringing their number to nearly 3,000.

"More than 300 of the new billionaires will be from North America," the bank wrote in the report published on Tuesday. "China is projected to add more billionaires than all of Europe combined, pushing the total from China above 420."

ADVERTISEMENT

China's population of millionaires is also expected to rise by more than 70 percent between 2016 and 2021 to just under 2,800.

Many banks, including Zurich-based Credit Suisse, are banking on continued growth in Chinese wealth to help pick up the slack from European markets. (Reporting by Joshua Franklin; Editing by Robin Pomeroy)