UK HNWIs’ wealth is expected to grow by 55% to reach $4.3trn by 2017, new research published by WealthInsight suggests.

Despite a 4% drop in the number of UK HNWIs in the middle of the financial crisis, WealthInsight expects the total number to increase by 43%, to reach more than 1.05 million individuals in 2017 pre-announcing signs of recovery.

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The number of UHNWIs is also forecast to increase strongly by 43% to reach 15,909 individuals in 2017, with their wealth projected to reach $1.7 trillion in the ten year- forecast period.

According to the report, among six major asset classes for HNWIs, equities were the largest asset class for HNWIs in the UK (28% of total HNWI assets) and are expected to increase by 4% over the forecast period, followed by real estate.

As UK HNWIs local investments decreased by approximately 8% in the 2007-2012 period due to the unstable economy, WealthInsight expects local HNWIs to substantially increase their level of investments in Asia-Pacific (up 15.3%) and South America (up 8.2%).

 

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Financial services stay on top

WealthInsight has highlighted financial services as the most important industry from which UK HNWIs have acquired their wealth. In 2012 it was the primary source of wealth for 13.8% of local HNWIs.

Also, among UK UHNWs, 14.6% made their wealth through financial services although WealthInsight reports a particular poor performance over the 2007- 2012 period as their wealth fell by 9.5% mostly due to the financial crisis.

However, financial services still account for 22% of the $2.9 trillion market capitalsation on the London Stock Exchange, the report says.

Other important industries for HNWIs include media (11%), technology (10%), retail, fashion and luxury (9%) and real estate (8%).

In particular, the number of HNWIs who acquired their wealth through the fast-moving consumer goods grew by 4% during the review period, the report concludes.