2013-06-20 – London
UK ahead of US and Europe in entrepreneurship, new report reveals
Contrary to popular belief, wealth in the US and Europe is far more likely to be inherited from rich parents when compared to their British counterparts. Over 20% of wealthy Americans and 21% of wealthy Europeans gained much of their wealth through inheritance, compared with only 14% in the UK.
Entrepreneurship is the primary source of wealth of almost half of the wealthiest individuals in Britain. The UK is only outperformed by some emerging markets where broader economic options provide greater opportunities for new businesses to grow.
Wealth in the UK is now more diverse and more driven by entrepreneurship rather than inheritance, according to a new report released by Barclays. The report also suggests that around 8 out of 10 of the UK’s high net-worth individuals are self-made. Entrepreneurial activity in Britain is far more prevalent than in the US, where inheritance is an increasing source of wealth.
However, the biggest shifts in wealth accumulation are taking place in emerging markets. In South Africa, for example, running a business is the single-most promising way to make money, the data suggest.
The pace at which money is made in these markets is even more striking. In regions such as Asia-Pacific and Africa, entrepreneurs are looking at a much shorter investment horizon compared to developed markets in the US and Europe.
