The number of UK millionaires making their wealth in the technology sector increased by 13.8% between 2009 and 2013 and will continue to rise, PBI’s sister company WealthInsight has reported.
Technology and telecommunication rank second in the UK millionaire industry categorisation (12.3%), closely behind financial services and investments (13.5%), according to findings revealed in WealthInsight’s latest whitepaper, UK millionaires: Techtrepreneurs.
"Technology is becoming a large industry in the UK, with many projects around the country offering incentives for people to start businesses in technology. This further increases the chances of a rising number of millionaires in the future," said Tom Carlisle, analyst at WealthInsight.
With a high level of millionaires in both financial services and technology, the UK is developing into an entrepreneurial country, creating partnerships between the two industries.
"A prime example of this partnership is the company Nutmeg, who have demonstrated that finance and technology can produce unique products side-by-side, not only for millionaires but for the general public," Carlisle added.
Latest figures from the Boston Consulting Group (BCG) indicate that the digital economy already contributes a substantial 8% to the UK GDP, more than it does to any other G20 nation.
"The increasing level of confidence emerging in the UK economy is providing more opportunities in technology, due to more capital being invested in technological start-ups," Carlisle said. One example he cited is games producer King.com, that once put on the New York Stock Exchange, made eight of its leading shareholders millionaires.
WealthInsight anticipates the UK to continue creating millionaires at a fast pace, with the total number of UK millionaires forecasted to grow by 12.7%, to reach 783,549 in 2018.