GMG, a financial services provider, launched a new model for wealth management, targeting independent asset managers and private bankers willing to leave their companies.
This rise will be fuelled by increased allocations to foreign property, foreign cash and foreign equities, according to the report.
Rachel Griffin, tax and financial planning expert at Old Mutual Wealth, said: "The long-term implication of this wealth inequality should be giving the government sleepless nights.
This is becoming even more prevalent now, with some long term UK resident non-doms choosing to leave the UK to avoid becoming deemed UK tax domiciled under the “15 out of 20 years rule” introduced with effect from April 2017.
The asset management sector is expecting steady growth over the coming three years, boosted by organic growth in the short-term. The segment faces pressure on accessing key talent, with new ways of working, particularly digital, demanding new skills.
Data provider Wealth-X predicts that the world’s ‘ultra-wealthy’ individuals should increase by 40% by the year 2022, and notes that the super-wealthy are acquiring both secondary properties and passports.