There are 736,000 high net worth individuals (HNWIs) in Britain – millionaires to you and me – but how do you join them? The most common answer seems to be “become a banker”.
Researchers from WealthInsight found that these HNWIs held more than £1,845 billion in cash and assets in 2012, a quarter of the country’s total individual wealth.
And more than one in eight of them built up their heaving bank balance through financial services, such as banking and insurance.
The second most common source of wealth is media, followed by technology and then retail.
Despite a decade-long property boom, which seems to be picking up again, real estate has only been the road to riches for 8% of Britain’s millionaires.
More than 11,139 of the millionaires are classified as ‘Ultra High Net Worth Individuals’ (UHNWI) with these lucky people having an average fortune of £70.2 million each.
Regardless of staggering numbers, the rich haven’t been immune to the effects of the tumultuous economy, as the number of millionaires has actually shrunk by 4% in the UK since 2007.
But fear not, as the number of millionaires is forecast to grow by 43% to more than a million by 2017.