The ultra-rich are far more worried about inflation than Brexit
Brexit may be cited by City firms as a threat to business, but it turns out the ultra-rich have other concerns.
A survey of 1,000 savers and 500 high net worth individuals has found those who hold a "substantial amount of wealth in cash" are most concerned about inflation. Some 26 per cent said they have been negatively affected by inflation, which has risen to its highest point in five years, while 21 per cent said they were concerned it will hit them in the future.
In fact, 42 per cent said they viewed inflation as a major threat, while another 42 per cent said they were most worried about low interest rates. Meanwhile, 30 per cent said Brexit is one of their biggest worries when it comes to building and maintaining wealth.
October's inflation figure will be published by the Bank of England tomorrow, with economists expecting prices to have risen 3.1 per cent in the past year, up from three per cent in the year to September.
Any figure higher than three per cent means Bank of England governor Mark Carney must write a letter of explanation to the chancellor.
However, it seems investors are feeling increasingly confident about their finances: 17 per cent said they feel more positive than they did a year ago, although 18 per cent said they feel less confident than they did a year ago.
“In this climate of heightened uncertainty, it’s encouraging to see investors appreciate that there need not be a ‘bad’ Brexit scenario as far as their investments are concerned," said Robert Szechenyi, investment director at Rathbones.