Industry overview
Financial services is the most important industry from which British millionaires have acquired their wealth. According to WealthInsight, this is the primary source of wealth for 13.8% of local millionaires. Other important industries for British millionaires include media (11.0%), technology (10.1%), retail, fashion and luxury (8.5%) and real estate (8.0%).
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Growth in UK millionaire wealth and volume
London is the largest city for millionaires in the UK, with 281,000 individuals, accounting for 38% of Britain’s total millionaire count. During 2007-2012 worldwide millionaire volumes decreased by 0.3% whilst UK millionaire numbers decreased by 4%. However, there are signs of recovery, as numbers are expected to grow. The total number of British millionaires is forecast to grow by 43% to reach over 1,053,000 individuals in 2017. For providers, client satisfaction will be the key while increasing regulatory pressure will lead to regained trust from clients in the long term.
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