Independent analyst Datamonitor's new report, Ultra High Net Worths, finds that there has been a surge in the number of ultra high net worth individuals (those with more than £5 million in onshore liquid assets) in the last five to ten years.
In the last five years alone the number of ultra high net worth individuals in the UK has more than doubled, from 1,500 in 1997 to 3,300 by the end of 2001.
Earners have become much more important in the ultra high net worth (UHNW) market than inheritors. Those that have earned their riches are much more common in the modern UHNW market than those that have inherited them, with around 60% of ultra high net worths currently being earners. The sectors they earned their wealth in have changed. Computers, technology and media have become much more important.
UK ultra high net worths are much older on average than the total population. 33% of UK ultra high net worths are between the ages of 55 and 64 whereas only 23% of the general population is in this age group.