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06 NEWS WEDNESDAY 8 JUNE 2016 CITYAM.COM A million British households set to be worth £1m WILLIAM TURVILL @WTurvill <strong>THE</strong> UK is close to having one million millionaire households, new research out yesterday showed. In 2015, there were 961,000 UK households with $1m (£700,000) of private financial wealth, up 12.4 per cent on 2014, according to the Boston Consulting Group (BCG). The UK’s millionaire growth is nearly double the global year-on-year rate of increase, six per cent, and also ahead of the Western Europe average, 11 per cent. The UK is the country with the fourth largest number of millionaires, behind the US (which has an estimated eight million, flat on 2014), China (2.1m, up 27.3 per cent) and Japan (1.1m, up 8.3 per cent). The BCG report looks at private financial wealth, which is in cash and deposits, mutual funds, listed and unlisted equities, debt securities, life insurance payments and pension entitlements. It does not include investors’ residences and luxury goods. In the UK, total private wealth grew by 3.6 per cent to $9.3 trillion. The report estimated that million - aire households will hold more than half of all global private wealth by 2020, up from 47 per cent in 2015 to 52 per cent. Elsewhere, the report advised wealth managers to target a growing number of millennial investors. Millennials, defined as those born between 1980 and 2000, currently account for 10 per cent of global private wealth, according to the BCG. This proportion is forecast to increase to 16 per cent by 2020. The report said millennials are “highly sensitive to competitive and transparent pricing, sceptical, carry out their own proactive research, and require transparency and digital capability in their wealth managers”. Boss Marissa Mayer could pocket $55m from a sale of Yahoo’s core internet business Verizon planning second-round bid for Yahoo’s internet assets BILLY BAMBROUGH @BillyBambrough US TELECOMS giant Verizon is readying a second-round bid for Yahoo’s core internet business. The bid is expected to come in ahead of the Monday deadline and will value the business at around $3bn (£2bn), some $2bn under expectations, it was reported by the Wall Street Journal. Yahoo’s core business, which makes up only a fraction of its $35bn market capitalisation, is suffering from declining revenues, down by 18 per cent in the first quarter. This round is not thought to be the final one, however, with at least one more likely before a deal is done. UK challenger banks lose out to the big boys LYNSEY BARBER @lynseybarber AMBITIOUS digital challenger banks hoping to topple the big high street players will take “years” to make money, according to one of the founders of a mobile bank which hopes to do just that. Entrepreneur Tom Blomfield is the founder and chief executive of the yet to launch digital bank Mondo which recently became the fastest ever crowdfunded business. He told City A. M. that several other challenger banks such as Shawbrook and Metro Bank, which have already gone public, are “selling themselves short”, simply offering traditional banking at a lower cost. “It will take time for others who are truly changing banking to make money,” he said. The opportunity to cash in from people’s distrust of established banks will eventually come from areas such as data insights and identity, he said, speaking at the Payexpo conference in London. He revealed that Mondo, which is awaiting its full banking licence from regulators, would move towards loans and deposits in future.
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SPORTS DIRECT AND TO THE POINT

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