The number of people in the UK with more than 200k in onshore liquid assets will break the one million barrier mark next year, according to a new report by Datamonitor. Young people have also become richer faster than any other age group.
“Younger people may not have the wealth accumulated by older people in the UK yet, but they are gaining on their middle aged and retired counterparts fast,” says Katie Langridge, financial services analyst at Datamonitor and author of the report.
In the UK in 2005, the number of high net worth individuals grew to 877,300, 12,000 more than the previous year. By 2007 the number is expected to surpass one million and reach 1.34 million by 2010.
Wealth people hold 541.5 billion in total onshore liquid assets, breaking the 500 billion for the first time, says Datamonitor.
In 2005, the number of individuals in the UK with over 1 million in onshore liquid assets grew to 88,000 and is expected to continue to grow by 50,000 in the next four years.
Still, the number of wealthy individuals between the ages of 18 and 45 grew by 32.3 percent between 2000 and 2005. The total high net worth population grew an average of 15 percent during the same time period.