The number of high net worth individuals in the UK fell by 19 percent during 2008, the biggest annual drop since 1980, according to the 11th annual report on the UK HNW sector from MDRC, a wealth management-focussed research and consultancy firm.
The number of high net worth individuals in the UK fell by 19 percent during 2008, the biggest annual drop since 1980, according to the 11th annual report on the UK HNW sector from MDRC, a wealth management-focussed research and consultancy firm.
The report states that there were by January 2009 there were 465,000 HNWIs in the UK. The financial assets held by these individuals fell by 17 percent.
There was a gross decline of 140,000 individuals, offset by around 34,000 new HNW individuals. Exposure to the property sector – particularly “buy to let” – resulted in substantial asset losses for approximately 34,500 HNW individuals in 2008, with losses in this sector set to continue in 2009.
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