The global number of high net worth individuals (HNWI) grew by more than one million last year, as booming stock markets increased the number of individuals with free assets of more than $1 million (£750,000).
Research by Capgemini found the number of HNWIs now stands at a record 16.5 million, holding a collective fortune of $63.5 trillion.
The most HNWIs are recorded in the United States, where the ranks grew by 8 per cent to 4.8 million. Japan comes in second with 2.9 million, followed by Germany with 1.3 million and China with 1.1 million.
Due to the drop in the value of Sterling after Brexit, France did however push Britain into sixth place in the world’s top five countries that HNWIs call home.
In the UK there are 568,000 HNWIs, a small increase on 2015 (553,000). In France, the number has grown from 523,000 to 579,000.
Beavis Morgan – Advisers to Britain’s high net worth individuals
Our specialist team at Beavis Morgan offers over 40 years’ experience in helping high net worth individuals maintain their capital value and manage their income levels, to assist in continuing to meet your lifestyle goals. We proactively explore the intricacies of the tax legislation, making sure that all reliefs available to you are utilised and that your interests are safeguarded. We can also assist you with medium and longer-term financial planning to ensure that you, your family, and ultimately future generations of your family, will benefit from your wealth in accordance with your wishes.
For more information and to discuss your tax affairs in further detail, please contact Alan Ford or you usual Beavis Morgan Partner.