Three quarters of UK millionaires believe Brexit will be good for Britain long-term

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UK millionaires are relaxed about the prospect of Brexit (Source: Getty)

Three quarters of the UK’s millionaire investors believe Brexit will benefit the UK in the long term.

Nearly a third (32 per cent) strongly agreed that leaving the EU will have a positive impact on the country in the long haul, while 43 per cent agreed slightly, in a UBS survey of high net worth individuals.

Just 8 per cent strongly disagreed with the idea that there will be any long-term benefit.

Short-term confidence is also buoyant, as 70 per cent said that the effects are likely to be positive. Only 10 per cent strongly thought there would be negative fallout in the next few years.

Nevertheless, the 401 UK-based millionaires surveyed by UBS rated Brexit negotiations as the biggest source of domestic uncertainty in the UK, above concerns over interest rates and property prices.

The global outlook

But the concerns of British millionaires over economic uncertainty were not unusual on a global scale. The 82 per cent of UK respondents who agreed that we are now living through the most unpredictable period in history matched the 82 per cent with the same sentiment across seven key markets.

The region displaying the most uncertainty was Mexico, where 90 per cent of millionaires believed that current conditions are the most turbulent ever. Despite threats from US President Donald Trump that Mexico will pay for the cost of his border wall, the country’s millionaires rated corruption as the greatest source of uncertainty.

Read more: Trump backs down on Mexico wall to avoid government shutdown

Italian and Singaporean millionaires were also more anxious about unpredictability than the UK, citing youth unemployment and trade barriers as their respective top concerns.

Looking after their bank balance

Despite the global trend for uncertainty, most of those surveyed were relaxed about own finances.

Just over half (51 per cent) expect their finances to improve in the next 12 months compared to just 13 per cent who expect them to deteriorate.

The majority (77 per cent) also believe in their own ability to assess financial risks arising from uncertain events, and 86 per cent trust their own instinct when making important decisions.

Read more: Brexit uncertainty threatens global financial stability says IMF

Battle-hardened older investors are the most willing to take risks, with just 28 per cent of over 65s saying their choices have been affected by the financial crisis, compared to 47 per cent of 18 to 34 year olds.

More than a quarter (28 per cent) of all millionaires are already reviewing their investments, while a further 48 per cent plan to do so. Three quarters view property, art and wine as some of the safest investment options available, while a similar proportion favours cash.

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