ZURICH Nov 22 Britain is $1.5 trillion poorer
in dollar terms due to the fall in the pound since the vote to
leave the European Union, a Credit Suisse study on
global wealth found.
Since the referendum on June 23, the pound has weakened by
around 16 percent against the dollar, meaning UK wealth
is sharply lower expressed in dollar.
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.
"More than 300 of the new billionaires will be from North
America," the bank wrote in the report published on Tuesday.
"China is projected to add more billionaires than all of Europe
combined, pushing the total from China above 420."
China's population of millionaires is also expected to rise
by more than 70 percent between 2016 and 2021 to just under
Many banks, including Zurich-based Credit Suisse, are
banking on continued growth in Chinese wealth to help pick up
the slack from European markets.
(Reporting by Joshua Franklin; Editing by Robin Pomeroy)