UK millionaires think Brexit will make them even richer

Despite rising inflation and a weakened pound most of the country’s wealthy think they personally will be better-off after Brexit

'There are at least 30 people I’d like to invite but I can’t fit them all in.' (AFP/Getty Images)

Britain’s millionaires are surprisingly upbeat about Brexit. Despite rising inflation and a weakened pound most of the country’s wealthy think they will be personally better-off after Brexit, according to a new survey.

Three quarters also believe the UK’s departure from the EU will be positive for the economy as a whole, UBS Wealth Management found.

Over 70 per cent of the 400 millionaires questioned even said they consider the UK a “safe haven” for investing in an uncertain and unpredictable world.

In June’s referendum, younger people were more likely than their elders to vote Remain. However, the survey found only 35 per cent of wealthy 18-34 year olds now believe Brexit is a “source of uncertainty” and 83 per cent said it will have a “positive impact” on their own finances. This compares to 70 per cent of of 35-44 year olds, and 74 per cent of over-65s.

Nick Tucker, UK head of UBS Wealth Management said clients are still anxious about the Brexit process but, “over the longer term, most are now taking a positive view.” Investors are choosing to hold a greater proportion of their assets as cash, believing it to be safer, he added.

“In an environment of returning inflation and low interest rates, we recommend looking for investments with a higher return – whether in the UK or around the world,” Mr Tucker said.

“UK assets themselves have proven more resilient than feared and we expect this trend to continue in the coming months,” Mr Tucker advised. However, he warned that even with this positive picture, people would be wise not to “stick all their eggs in this one British basket.”

US and UK stock markets fell on Tuesday in one of the first signs that a recent rally may be coming to an end. The FTSE 100 and Dow Jones indexes have both hit record highs in recent weeks in anticipation of expansionist fiscal policies pledged by President Donald Trump. Faith that he can actually deliver is beginning to wane, analysts have said.

Inflation rose sharply to an annual rate of 2.3 per cent last month, according to the Bank of England’s latest figures released on Tuesday. Prices are now rising at the same rate as average wages, the Bank found.