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UK wealth falls $1.5 trln after Brexit FX moves


11-23-2016 11:21 BJT

A Credit Suisse study on global wealth shows Britain is 1.5 trillion dollars poorer because of a fall of the pound since the vote to leave the European Union.

The pound has weakened by around 16 percent against the dollar since the referendum in June, indicating UK wealth is sharply lower in dollar terms.

The Credit Suisse study also predicted that around 945 billionaires will be minted around the world in the next five years, bringing their number to nearly 3,000.

“Perhaps the rate in growth in the number of billionaires is slightly surprising because it wasn’t that long ago that we were reading headlines that their numbers were dwindling. The fact that a large number of these new businesses come from China—well, that’s no surprise; it’s the powerhouse economy of the world. It’s the one place where significant economic growth is still possible and value creation can happen quite quickly,” said Darren Sinden, independent market analyst.

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