While most of us simply dream about living a million dollar lifestyle, a new report predicts that by 2016 the dream will be a reality for a quarter of households in the UK.

Moreover, the UK will play host to one million ‘super millionaires’ (more than $3 million in assets) for the first time within the next decade and millions of ‘nearlionaires’.

Barclays Wealth Insights, a new quarterly report written by the Economist Intelligence Unit (EIU) on behalf the wealth management arm of Barclays, says that households in the UK with more than $1 million (£526,900) in property, land, savings and investments will grow to 26% in the next ten years.

This significant growth of aggregate wealth will outstrip any other G7 economy, making the UK home to the highest concentration of $1 million households around the world.  By comparison, it is predicted that global powerhouses like the US and Japan will have 16% and 22% in the numbers of million dollar households.

Factors that are driving UK wealth creation include a strong property market, and an increasing entrepreneurial culture that encourages individuals from all walks of life to take risks as they strive for business success. 

This means that the typical wealthy individual in the UK will increasingly shift from the stereotype of inherited wealth.

Mark Kibblewhite, managing director of Barclays Wealth’s private banking division, explained: “The UK wealth explosion is good news for individuals, businesses and the economy alike.  The UK is full of vibrant, dynamic and innovative individuals and the predicted growth of wealth is testament to their astute business sense and our increasingly stimulating entrepreneurial culture.”