Millennials lag behind: Young entrepreneurs made just £500m out of £28bn while selling their firms
More than £28bn was made by individuals selling their businesses in the past year, but just £550m was from those under 34.
Those under 25 cashed in with only £27m in gains, representing under one per cent of the total, according private wealth law firm Boodle Hatfield.
The next bracket up, those aged 25-34 were a bit more successful with £529m, but this only constituted two per cent of the overall.
The most successful entrepreneurs were aged between 55-64, constituting profits of more than £10bn, while those in the bracket below, at 45-54, raked in just under £8.5bn.
Older businesspeople did will out of selling their companies, with 21 per cent of those listed, almost £6bn, over the age of 74.
Hayden Bailey, a partner at Boodle Hatfield, said: “There is a perception that the UK is an unbeatable hive for start-ups. The UK is getting there but it’s not quite there yet in terms of incentivising young entrepreneurs.”
“More needs to be done to help young entrepreneurs start up and grow a business. That would include tax rules that encourage owners as well as investors, and rules that encourage entrepreneurs to retain and grow their business in the UK, rather than prepare for a sale. The UK needs to be competitive globally in this respect.”