UK set for 'wealth explosion' claims Barclays research

4 December 2006

The UK will see a significant increase in millionaires requiring wealth management services in the next ten years, research commissioned by the wealth management arm of Barclays bank suggests.

According to a report produced by the Economist Intelligence Unit (EIU) on behalf of Barclays, the UK is set for a 'wealth explosion' with more than a quarter (26 per cent) of households expected to hold more than $1 million (£526,900) in assets by 2016.

The report also predicted that at least one million British households would achieve "super-millionaire" status, with more than $3 million in assets, in the next ten years.

Commenting on the findings, Barclays Wealth's managing director of private banking Mark Kibblewhite said that the entrepreneurial spirit in the UK was increasing individual wealth, as well as presenting new challenges for the wealth management industry.

"People from all walks of life are becoming wealthy, which presents new opportunities and challenges," Mr Kibblewhite said.

"New wealth can lack access to familial infrastructure and support that 'old wealth' might have to help manage assets."

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