Ouch! How Brexit may hit British millionaires and billionaires
But weaker sterling could boost the attractiveness of central London's ultra-expensive prime property market, says wealth consultancy report
The U.K.'s wealthiest residents are poorer following last month's Brexit vote and will likely face further financial bad news, an international wealth consultancy warns.
"With the majority of HNWIs (high-net worth individuals) in the U.K. (14.3 per cent) owing their wealth to the financial services industry, the billions that have been wiped off markets recently would have directly hurt the pockets of many HNWIs," WealthInsight said in a report.
"Moreover, the storm has not yet passed for HNWIs with investments in certain macro funds which have revealed deep losses," the consultancy added.
WealthInsight defines high-net worth individuals as those with wealth of US$1 million or more, excluding their primary residence.
The U.K.'s 15 wealthiest citizens lost a collective US$5.5 billion in the stock market rout the day after the Brexit vote, according to Bloomberg. Britain's richest person, Gerald Grosvenor, led the decline with a loss of US$1 billion, followed by Topshop owner, Philip Green, Charles Cadogan and Bruno Schroder, the news wire said.