Brexit has already cut UK houshold wealth by $1.5tn

Ireland's total wealth is $38bn higher than last year, according to a new report...

Brexit has already cut UK houshold wealth by $1.5tn

David Cheskin / PA

The UK's decision to leave the EU is costing British homes - household wealth has dropped by $1.5tn (€1.41) according to a new survey by Credit Suisse.

It also reports that almost 400,000 Britons have lost their status as millionaires.

Britain's drop-off is due to major declines in sterling values since the vote.

However, the UK has one of the world's highest proportion of ultra-rich individuals - it's got the third highest amount of residents who have assets worth at least £50m. It trails only the US and China.

Back home...

Household wealth is on the rise in Ireland - Irish households' total wealth rose by $38bn to $770bn - that's 5% higher than 2015.

The number of 'dollar millionaires' in Ireland jumped by 7,000 this year.

Ireland has had the sixth highest per capita increase in wealth in the world during 2016.

The figures also find that Ireland has experienced the fifth sharpest rise in property prices.

Credit Suisse now reports that Ireland has 0.3% of global wealth. We need the extra cash - figures released yesterday showed that the cost of running a home in Ireland is also on the rise.

The bigger picture...

This data also shows that the richest 1% of the world are more well-off than the rest of the global population combined.

In 12 months global wealth has risen by $3.5tn to $256tn, which represents an increase of 1.4%.

However, wealth creation has merely kept pace with population growth - this means that in 2016, wealth per adult was unchanged for the first time since 2008, at approximately $52,800.