New research has found that the North East, East Midlands and London are the regions where most of the wealthy have generated their money via their entrepreneurial skills.
At the same time, Yorkshire & Humber; West Midlands; South East; South West and Northern Ireland also show high levels of entrepreneurial wealth generation whilst it was shown that the wealthier an individual the more likely entrepreneurialism plays a part in wealth generation – 48 percent of those with more than £1 million.
A survey of over 800 of the nation’s ‘wealthy’ (those with more than £100,000 in assets that they can readily access, 350 of whom have more than £250,000 in assets) by UK wealth manager Brown Shipley found that the wealthy in certain regions appear to be more entrepreneurial than others.
In the North East 30 percent of the wealthy say that their entrepreneurialism contributed to their wealth; whilst a similar number (31 percent) cite the sale of a business as an important factor. For London the corresponding figures were 36 percent and 21 percent respectively whilst in the East Midlands the sale of business was only a significant factor for 11 percent.
Across the UK, 18 percent cite entrepreneurialism as a key contributor to their wealth with one in ten saying the sale of a business was a factor.
Not surprisingly – entrepreneurialism is more prevalent in those who have generated more personal wealth – 48 percent for those with more than £1 million in financial assets and 66 percent for those with more than £2 million.
In terms of what the wealthy plan to do with their money – those regions which show a higher percentage of entrepreneurial wealth also have a higher proportion of wealthy individuals that say they are planning to invest in a business t...