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Rich get richer, Britain gets poorer

Tuesday, November 22, 2016 - 01:27

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 has found. And, as David Pollard reports, another 945 billionaires will be minted around the world in the next five years, bringing their number to nearly 3,000.

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It's been a topsy-turvy time for sterling. A sixteen percent tumble since its EU referendum prompting some to wonder whether Britain's on a conveyor belt to crisis. A new report from Credit Suisse won't cheer the doom-mongers. Britain now one and half trillion dollars poorer in dollar terms, it says ... Thanks to the fall in its currency. (SOUNDBITE) (English): DARREN SINDEN, INDEPENDENT MARKET ANALYST, SAYING: "Most of those losses are notional i.e. unrealised - you don't take a loss on a property, for instance, until you sell it. And what we're talking about is not so much a loss as a reduction in value." But if you were to sell your property, you might do worse than move here ... China's millionaire population expected to rise 70 percent by 2021 to just under 2,800, the reports says. It'll add more billionaires than all of Europe - topping 420 in the same period. (SOUNDBITE) (English): DARREN SINDEN, INDEPENDENT MARKET ANALYST, SAYING: "It's the one place where significant economic growth is still possible and value creation can happen quite quickly. You only need to be getting - I say only - but if you get can get a dollar off each Chinese adult then you're well on your way to becoming a billionaire anyway." 945 billionaires will be minted altogether in the next five years - 300 of them in the U.S. - making nearly 3,000 globally. And even in Britain, while the ride may be get a bit rougher for some, it may still get a bit smoother for some others.

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