The UK’s ultra high net worth individuals have had over a third wiped off the value of their financial assets this year, according to new research, which predicts that the combined fortunes of the country’s wealthiest people will shrink by 3.5% in 2009.

In one of the first studies showing the extent to which the credit crunch has taken its toll on the ultra wealthy, those with free assets of £5m and above have lost 33% of their financial assets, according to the 11th edition of the UK High Net Worth 2009 report " The Collapse in Wealth".