It looks like the British will be leaving the European Union with much lighter wallets.
U.K. household wealth has plummeted by a combined $1.5 trillion as a “direct result” of the vote to leave the EU, according to a new report on global wealth produced by Credit Suisse.
The dramatic plunge in wealth was driven by a decline in the value of the pound, which has lost 15% of its value following the Brexit vote.
The loss of $1.5 trillion over the past 12 months translates into a 10% reduction in household wealth, according to Credit Suisse. Household wealth includes financial investments and real assets like housing. Debts are subtracted.
Only Mexico, Egypt, Russia, Ukraine and Argentina suffered larger percentage drops in household wealth than the U.K. Meanwhile, households in Turkey and Colombia fared better than those in the U.K.
Britain is expected to trigger EU exit negotiations early next year. The government’s strategy for the talks is not yet clear, but it’s unlikely that Britain will be able to maintain access to Europe’s single trading bloc.
“The [U.K.] outlook is very uncertain, both for the economy and household wealth,” Credit Suisse said.
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Wealth increased by only 1.4% last year on a global basis, according to Credit Suisse. That’s roughly in line with population growth.
Asia Pacific — excluding China and Japan — was the big regional winner, with wealth per adult increasing by 6.5%. When measured the same way, wealth fell in Europe, Latin America and Africa.
Inequality remains a major issue. The bottom 50% of the world’s population own less than 1% of global wealth. Meanwhile, the richest 10% of people hold 89% of global wealth.
they got what they voted for! sure they didn’t thought that the rest of the EU was going to let them exit unconditionally and scott free did they? they aint see nothing yet! wait until those aristocratic and obliarchs started to get tax by swiss banks and other EU tax havens, thats when you’re going to hear the real bawling, they can go a form a strategic partnership with the KGB/FSB man and his SS compatriot over here!
You really believing these lies, Lol the UK economy is doing much better since Brexit unemployment have gone right down the stock markets are trading higher than ever the pound £ has stabilised all the major banks want to stay in the UK, many other countries want to trade with the UK directly who are not part of the EU…
THOSE media outlets with liad stories and not facts…
The UK is mining the EU with bag loads of free money,the UK is much better out of the One World Order EUROPEAN Union… That’s the truth…