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Independence Referendum: Scotland's Exit Won't Have A Significant Impact On The UK's Ultra Wealthy Numbers

LONDON, Aug. 27, 2014 /PRNewswire/ -- Scotland, which is poised to vote in a referendum on whether to continue to be part of the United Kingdom (UK) or secede, accounts for only 5% of the UK's ultra wealthy population and 4% of its wealth. If the "Yes" vote to be independent on 18 September wins, Wealth-X predicts that the loss of Scotland will not have a large impact on the ultra wealthy population in the UK. 

Wealth-X data shows there are 10,910 ultra high net worth (UHNW) individuals (defined as those with at least US$30 million in net assets) in the UK with a combined net worth of US$1.38 trillion.

London dominates the UHNW scene in the UK, with 58% of its total UHNW population based in the capital city, and two thirds of its total wealth centered there. London is home to 6,360 UHNW individuals with a combined net worth of US$905 billion.

Scotland, in comparison, has 530 UHNW individuals, with a combined net worth of US$57 billion. If Scotland becomes independent, it will have a UHNW population density of 0.01% - significantly higher than the global average of 0.003%.

Wealth-X also calculates that England (including London) has an UHNW population 19 times greater than that of Scotland in the north.

Below is a breakdown of the UK's UHNW population and wealth by region:

Region

UHNW Population

UHNW Wealth (US$ billion)

United Kingdom

10,910

$1,375

London

6,360

$905

England (excluding London)

3,710

$389

Scotland

530

$57

Northern Ireland

175

$9

Wales

135

$15

Mike Byrne, Wealth-X's Managing Director for Europe, commented: "The regional breakdown of the UK's UHNW wealth highlights how important London has become to the world's UHNW population, not just the UK's. London is truly a global financial hub, and has almost become independent of the wealth made in the rest of the country. If Scotland does become independent, then the UK's ultra wealthy population will fall 5 percent, a number easily absorbed by the rest of the UK given the strong financial markets we have seen in the last year."

About Wealth-X
Wealth-X is the world's leading ultra high net worth (UHNW) intelligence and prospecting firm with the largest collection of curated research on UHNW individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 13 offices on five continents. (www.wealthx.com)

SOURCE Wealth-X

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