The wealthiest Britons still regard the UK as the safest haven for their investments despite the referendum vote to leave the European Union, according to a new survey.

A 'beneficial effect' on the economy

A Censuswide poll of more than 400 high net wealth individuals for UBS Wealth Management found that a majority of Britons with a net worth in excess of $1 million – excluding property – believed the Brexit vote would be good for the country and their investments.Three-quarters of them felt that leaving the EU would be good in the long term, while 70 per cent felt it would even have a beneficial effect on the country's economy in the short term.More than 70 per cent believed the UK remained a “safe haven” for investment, particularly given the unpredictability of events and politics in other parts of the world.

A source of uncertainty

Despite the overwhelming vote among younger Britons in favour of remaining in the EU in last June's referendum, the poll found that only 35 per cent of wealthy 18 to 34-year-olds now felt that the vote to leave represented “a source of uncertainty”.In fact, most felt the Brexit vote would result in a positive impact for their long-term financial planning, as did most of those aged 34 or older.

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Nick Tucker, head of UK domestic clients at UBS Wealth Management, said, “UBS Wealth Management doesn't take a political view on Brexit. But our client conversations around the country have revealed significant levels of anxiety. This latest data of UK millionaires suggests a more complex picture. Over the longer term, most are now taking a positive view.“We still, however, see many investors holding on to cash, rather than investing. This is especially true of younger investors. In an environment of returning inflation and low interest rates, we recommend looking for investments with a higher return – whether in the UK or around the world.“UK assets themselves have proven more resilient than feared and we expect this trend to continue in the coming months. Even with this positive picture, and the bullish confidence we see on Brexit, investors should still look for a balanced portfolio, rather than sticking all their eggs in this one British basket.”For related news and features, visit our Brexit section.Access hundreds of global services and suppliers in our Online Directory  

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