UK Wealth Declines Post Brexit

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    The number of dollar millionaires in the UK slumped 15 per cent as the country’s vote to leave the European Union rattled the pound and the stock market, says a report by Credit Suisse Group AG. Household wealth in the UK declined by $1.5 trillion, or 10 per cent, in the 12 months through June 2016, as “a direct consequence” of the Brexit vote, says the bank in its annual global wealth report. “The UK had a tumultuous end to 2015 ‒ 2016, with sharp declines in the exchange rate and the stock market following the vote to leave the EU,” says 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 five per cent have $1 million or more.