Your typical UK millionaire is male, works in finance and is pushing 60. No surprises there, then, but research from GlobalData reveals just how deeply unequal the top flight of British business is.
Just 14.6 percent of the UK’s ultra high net worth individuals — defined as people with $30m in assets — are female. There is a glimmer of hope, though, as the number of women in that top wealth category grew by 18.8 percent between 2011 and 2015, outpacing the rate of increase of male millionaires by 6.3 percent.
The total number of UK millionaires has — despite a slight knock back in 2015 — risen steadily over the last five years. In 2011 there were 620,491 people with over $1m in assets, but by the end of 2015 that figure had increased to 695,634. In total, these wealthy individuals have over $2.7trn to their names.
Of the wealthiest individuals – those with more than $30m — the overwhelming majority (79 percent) are aged 50 or over.
If you’re looking to bump into a millionaire, you’re best off hanging around London’s financial district. Over 14.4 percent of UK millionaires work in finance or investment, and the capital boasts the highest proportion of wealthy people anywhere in the UK, with over 3.4 percent of Londoners (293,429) having $1m or more in the bank.
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Thanks in large part to its burgeoning tech industry, dubbed ‘Silicon Fen’, Cambridge has 3,939 millionaires and the fastest growing population of wealthy people anywhere in the country.
Despite a generous sprinkling of millionaires in Edinburgh, Manchester and Glasgow, the report from GlobalData adds further evidence of London’s financial domination over the rest of the UK, with 42.2 percent of the country’s millionaires calling the capital home.