Britons’ Brexit tithe and the culling of the dollar millionaires
Geneva — The number of dollar millionaires in the UK slumped 15% as the country’s vote to leave the EU rattled the pound and the stock market, according to a report by Credit Suisse. Household wealth in the UK declined $1.5-trillion, or 10%, in the 12 months to the end of June 2016, as "a direct consequence" of the Brexit vote, the number two Swiss bank said in its annual global wealth report published on Tuesday. "The UK had a tumultuous end to 2015-16, with sharp declines in the exchange rate and the stock market following the vote to leave the EU," Credit Suisse said in the report. "The outlook is very uncertain, both for the economy and household wealth." The UK’s $14-trillion in private wealth is spread around 49-million adults, of which almost 5% have $1m or more. The surprise result of the June 23 vote helped fuel a 15% decline in the pound this year and sent the local stock market to its biggest one-day drop since the 2008 financial crisis. While equities have rebounded sinc...
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