Female millionaires on the increase

The number of British millionaires is said to be soaring, according to research by Datamonitor.

Women now make up 46 per cent of the country's millionaires and the rate is rising by 11 per cent each year.

The findings can be put down to more women taking up senior positions within companies and female entrepreneurs running businesses that are thriving.

Inheritance and increased rates of divorce have also seen an improvement in the financial position of many women.

Wealthy women in fact outnumber their male counterparts. In 2005 there were 448,100 women and 429,300 men with funds exceeding £200,000 in onshore assets.

Banks have been criticised for failing to provide services which cater for the specific needs of the wealthy female market.

Lauren McAughtry, a financial services analyst, said the "champagne and chocolates" does not work, arguing that women want more from their banks than "a spa discount and a pink website".

She continued: "The lack of strategic thought is resulting in opportunities being missed and a potential gap in the market."

To visit the Datamonitor website click here. More news about women and business can be found here: www.womenintechnology.co.uk