In the last five years, the number of ultra high net worth investors has more than doubled. A new report from a business information company shows the number of individuals with more than £5 million in onshore liquid assets was 3300 by the end of last year. This compared to 1500 in 1997.
The report also revealed that the majority of ultra high net worth individuals earned their wealth rather than inherited it.
Traditional sectors such as property and industry still remain a major source of wealth but computers, technology and media have become important.
In conclusion, the report said that high earners were a better source of new clients for private bankers than investors with inherited wealth. Investors with inherited wealth often inherited relationships with existing wealth managers. Most banks have found that increased client communication was the key to dealing with the current turbulent market conditions.
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