Entrepreneurship reason for UK millionaires’ success – report
The wealthiest people in the UK are making their fortunes through a mix of entrepreneurship and hard work according to new research published this week by the Skandia group.
The Skandia Millionaire Monitor surveyed over 500 millionaires based in the UK and found that nearly 70% of high net worth individuals had made their fortunes from employment, investments or as the result of selling a business venture.
“The results show that the UK’s wealthiest are controlling their future financial security by working hard and investing wisely, not crossing their fingers and hoping for the best.” said Jo Rimmer, head of brand marketing at Skandia.
Entrepreneurs were inspired by British business celebrities such as Lord Alan Sugar, Sir Richard Branson and Peter Jones, she said. The influence of “old money” was less prominent than expected with 14% of those surveyed saying their wealth had come solely from inheritance income.
Some 4% of respondents trusted to luck to make their fortune saying their wealth had come from winning the lottery or from gambling. Almost 15% of wealthy younger people acquired their fortune either by winning it or through marriage.
The research found that more than half of UK millionaires were considering or may consider leaving the country in search of higher living standards. Only 44% of respondents are certain of remaining in the UK and around 8% are already planning to leave.
The reasons for moving abroad are lower taxation, perceived better living standards and better weather. Less than 2% of those considering a move were thinking of moving to a tax haven such as Switzerland or the Cayman Islands to reduce the tax they pay.
France, the US, Spain and Australia are the preferred destinations for almost half of those considering leaving the UK.
“Our survey seems to indicate that the UK’s wealthiest really are saving for a rainy day and will seriously consider moving to sunnier climes if storm clouds gather in either economic or meteorological terms,” said Rimmer.