By Jonathan Davies

The United Kingdom is home to nearly 5,000 'Ultra High-Net Worth' (UHNW) individuals, according to a new report.

The Global Wealth Report by Credit Suisse suggests the UK is becoming more appealing to UHNW individuals, with the number residing in the country up 1,300 to 4,700 in total. It means the UK is only second to the US in terms of the number of UHNW individuals living in the country.

There are reportedly 128,200 UHNW individuals in the world, classified as having a net worth of more than $50 million. Taking into consideration high-net worth (HNW) individuals, the UK sits fourth behind the US, China and Germany, respectively.

Credit Suisse said: "The number of HNW and UHNW individuals has grown rapidly in recent years, reinforcing the perception that the very wealthy have benefited most in the favourable economic climate.

"Between 2008 and mid-2014, mean wealth per adult grew by 26%; but the same period saw a 54% rise in the number of millionaires, a 106% increase in the number with wealth above $100 million, and more than double the number of billionaires.

"Among individual countries, the United States leads by a huge margin with 62,800 UHNW adults, equivalent to 49% of the group total. This represents an increase of 9,500 compared to mid-2013, an astonishing rise for a single year — more than the total number of UHNW residents in China, which occupies second place with 7,600 residents (6% of the global total). the United Kingdom gained the second largest number of UHNW individuals (up 1,300 to 4,700) consolidating fourth place, behind Germany (5,500), but ahead of France (4,100). Taiwan (2,000) and Korea (1,900) each added about 550, while Brazil (1,900), Canada (2600) and Hong Kong (1,500) gained 200 apiece. the numbers for Russia (2,800) and India (1,800) were almost unchanged."

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