UK wealth drops $1.5 trillion after Brexit FX moves
The United Kingdom has appeared to be $1.5 trillion poorer in dollar terms because of the dip in the British pound since the vote to abandon the European Union. It has been recently revealed by a Credit Suisse research on global wealth.
Since the referendum on June 23, the British pound has dived by approximately 16% against the greenback, thus dropping a hint that UK wealth turns to be steeply lower expressed in dollar.
The Credit Suisse study also forecast that about 945 billionaires are going to be minted around the globe in the next five years, thus bringing their number to almost 3,000.
More than 300 of the new billionaires are going to be from North America. That’s what the bank wrote in its report issued on Tuesday. Additionally, China is supposed to add more billionaires than all of Europe combined, thus pushing the total from China above 420.
China's population of millionaires is also supposed to ascend by more than 70% between 2016 and 2021 to under 2,800.