The richest families in the world are flocking to Britain’s private schools because the fall in the pound, caused by the vote for the UK to leave the European Union in the June referendum last year, is making it cheap for them.
Knight Frank released its annual Wealth Report that details everything that makes ultra-high-net-worth individuals (UHNWIs) — those with $US30 million (£24.2 million) or more in net assets — tick.
Within the report, Ed Richardson, Director of Education at Keystone Tutors said that while rich foreign families used to prefer sending their children to the US for their education, the cheap pound means that private education in the UK has now become more competitive.
“Currency, quality of life and access to the best universities are the key trends boosting demand for a British education,” said Richardson.
“Ambitious families in Singapore have traditionally sent their children to schools in the US, not necessarily because they think they are better, but because of the cost. Now, they are telling me that the fall in the value of the pound is making the UK look much better value. That sentiment will be echoed in many other places.”
The pound hit a 30-year low after Britain voted for a Brexit in June last year. According to Bank of America Merrill Lynch Strategist Kamal Sharma in a note circulated to clients on Thursday, t
he pound is set for one final big dip against the dollar once Britain triggers Article 50, before finally starting a meaningful recovery into the end of 2017.
Students from mainland China are the most prolific demographic within private education in the UK.Here is the table showing pupils starting in the 2005/2006 school year versus the 2015/2016 school year by country:
“It’s not just about the teaching, it’s about quality of life and the extent of extra-curricular activities available. Certainly in China there is a feeling that if you’re going to spend money on Western luxuries it is better to buy them in the West. More credit will be given to Harrow itself than Harrow Beijing,” said Richardson.