The rise of the million dollar man
Published On 5 December 2006
A recent report claims that one in four UK households will hold more than $1 million in assets within ten years - equivalent to £526,900, underscoring the need for insurance.The millionaires will own the money in a variety of ways, including property, land, investments and savings, the Barclays Wealth Insights report claims.
The study, which has been put together by the Economist Intelligence Unit (EIU) for Barclays Wealth, also indicated that there would be a million super millionaires, those with more than $3 million to their name, by 2016.
The figures are evidence of the wealth explosion that the UK is currently undergoing and it is expected to out perform both Japan and the US over the next ten years in regard to the creation of millionaires.
Mark Kibblewhite, managing director of Barclays Wealth’s private banking arm, commented: "The growth of the wealthy is driving a significant social shift in the UK and beyond which will continue to grow at pace in the next decade."
"With a buoyant economy and property market, plus a significant entrepreneurial culture, the UK is well positioned to put individuals on the path to financial success," concluded Rob Mitchell of the EIU, whose Business Environment Ranking, which measures how business-friendly a country is, puts the UK seventh in the world.
