Wealth management worth £30bn to UK
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This would mean that wealth management in the UK, which looks after £2.1 trillion on behalf of high net worth individuals, furnishes the UK Treasury with £7.6bn in tax, according to Scorpio.

Scorpio also found that there are 124,000 people working in the industry in the UK, making up 12% of the overall financial sector workforce. By comparison, the retail banking industry employs around 400,000 people, according to Scorpio.

The research took into account the value of all work done on behalf of clients’ worth with net investable assets of over £100,000. The total value of the wealth management industry’s contribution to the UK economy, therefore, not only included the output of core industry workers, such as private bankers and independent financial advisers, but also a range of support services to the industry: lawyers, accountants, trusts and consulting.

The so-called Big Four accountancy firms alone, for example, generated around £100m in annual revenue from private client business, according to Scorpio.

The company also found that there are over 85,000 solicitors in the UK who specialise in working on behalf of high-net worth individuals, who collectively earn £825m each year.

Andrew Fisher, chief executive…………… continues on Financial News

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