In an interesting study by Zurich-based Credit Suisse, while wealth worth $1.5 trillion has been eroded from its economy following its historic decision to divorce the EU, its predictions for the years ranging from 20016 to 2021, include the rise of new millionaires and billionaires from China and the United States.
As per the results of a study on global wealth commissioned by Credit Suisse, with the British pound falling to its 11 year low, the country has lost $1.5 trillion after its historic decision to leave the European Union.
The June 23 decision has weakened the pound vis-à-vis the dollar which has resulted in a steep loss of British wealth against the greenback.
Credit Suisse’s study has also predicted the rise of 945 new billionaires around the world in the next 5 years, bringing their numbers t nearly 3,000.
“More than 300 of the new billionaires will be from North America,” reads the report of the bank that was published today.
“China is projected to add more billionaires than all of Europe combined, pushing the total from China above 420.”
Furthermore, millionaires from China are set to rise by more than 70% between 2016 to 2021, to under 2,800.
Leading banks, including Credit Suisse, are banking on the continued growth of Chinese wealth, in order to pick up the slack from markets in the European Union.
Categories: Economy & Finance, Strategy
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