Millionaires and Billionaires Get Richer Faster in UK Than Anywhere in Europe

The UK's wealthiest individuals are getting richer faster than their high net worth counterparts across the rest of Europe.

The total wealth of the UK's wealthiest individuals is expected to grow by 12.5% from 2014 to 2016, according to a forecast by Spear's and WealthInsight.

This rate of accumulation out paces major European economies such as Germany, Spain, France and Italy.

Growth in average wealth per UK millionaire is also predicted to climb to 6.5% in the two years until 2016.

The data was compiled from assessing GDP, local stock market performance, inflation measures and the real estate market.

Both Germany and Spain's high net worth wealth is expected to grow by 11.7% over the next two years. France should see growth of 10.5% while Italy is set to experience growth of 9.2% among its country's wealthiest during this period.

Oliver Williams of WealthInsight said: "Over the next two years, figures show that growth in total high net worth individual wealth in the UK will be greater than in Germany, Europe's largest economy.

"Though Germany is Europe's top country for sheer number of millionaires, in both countries the wealthy are getting wealthier faster than anywhere else in Europe."

The appeal of the UK's pro-business laws and global links, as well as London's dominance in global finance, means it is expected to attract more overseas wealth than its European rivals up until 2016 and potentially beyond.

Spain and Italy's economic woes have dragged down growth, which in turn affects the fortunes of those who are most wealthy – albeit nowhere near as abjectly as the man on the street.

Meanwhile, Italy and France have introduced taxes considered hostile to businesses and wealthy individuals alike, driving many millionaires towards the UK's shores, said Williams.