Yesterday, we warned "EU is nothing without Britain," and it seems that is being borne out by today's price action. There are two big losers from the Brits' decision to "Leave" - UK Billionaires... and the rest of Europe.
First of all, UK stocks dropped almost 3% today - no doubt an ugly day - but look at the complete catastrophe across The EU...
In fact the British stock market is the best performing European stock market today.
But there is an even bigger loser than The EU...
As Bloomberg reports... Britain’s 15 wealthiest citizens had $5.5 billion erased from their collective fortune Friday after the country voted to leave the European Union. Britain’s richest person, Gerald Grosvenor, led the decline with a loss of $1 billion, according to the Bloomberg Billionaires Index. He was followed by Topshop owner Philip Green, fellow land baron Charles Cadogan and Bruno Schroder, majority shareholder of money manager Schroders Plc.
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So - to summarize - the two main parties who were pushing for Britain to stay in The EU (The wealthy elite and The EU itself) are the biggest losers of the British vote for self-determination.