Manufacturing and IT/Telecoms Share Top Spot for Generating Wealth
– Survey shows young entrepreneurs are making their mark –
The UK manufacturing industry may be in recession but it shares the top spot with IT/Telecoms in terms of producing personal wealth in Britain, according to the latest survey of millionaires carried out by investment specialist Skandia.
Around one in five (21%) of those surveyed made their fortune from working in manufacturing or IT/Telecoms, with 18% benefiting from working in finance and 17% in the service industry.
The survey was carried out in January 2012 with 436 UK based millionaires (investable assets over £1 million excluding their main property of residence) as part of Skandia’s second Millionaire Monitor report, which tracks attitudes and investment sentiment among Britain’s wealthy.
Enterprise
Almost a third of those surveyed (29%) started their own business, with three out of 10 (31%) of these entrepreneurs making their wealth from manufacturing, compared to just over a quarter (26%) achieving it through IT/Telecoms. The service industry accounts for one in five (20%) among this group, with finance at 19%.
Skandia believes the plan to introduce a programme of enterprise loans to help young people set up and grow their own business, announced in George Osborne’s budget (21 March 2012), will help feed Britain’s entrepreneurial spirit and encourage growth.
Graham Bentley, Skandia’s head of investment strategy comments:
“Over half (53%) of the entrepreneurs in our survey started their businesses before they were 25 years old and almost two thirds (60%) made their wealth within 10 years, so there are real benefits to providing enterprising young people with the means to get a business idea up and running. How this scheme is structured will be crucial though: modelling it on the student loan won’t work.”
The Skandia Millionaire Monitor+ report is available to view and download free at www.skandia.co.uk/millionaire-monitor-plus.
About Skandia
Skandia offers long-term investment solutions. It is part of the wealth management business of Old Mutual plc, a leading long-term savings group with £272.6 billion of funds under management (30.09.2011).
