One in 10 families millionaires by 2017

One in 10 British families will live in a "millionaire household" within a decade, a report has suggested.

Despite short-term fears over the economy, about 2.4 million families will have a seven-figure net income by 2017. The number of households worth more than £5 million will increase by 120 per cent over the same period, according to the Barclays Household Wealth Index.

The increases will see Britain stay in the top five wealthiest countries in the world and the wealthiest country in Europe. The rise is being partly driven by the country's position as one of the world's leading financial centres.

Michael Dicks, the head of research and investment strategy at Barclays Wealth, said: "The UK will continue to outperform Europe and remain a significant centre for wealth generation over the next decade."

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