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Rise of the female millionaire

The number of female millionaires in Britain is "soaring", a new study claims.Research by Datamonitor shows that changing social trends, including the UK's increased divorce rates and lucrative inheritances, are contributing to the rise in wealthy women.But the business analyst says that the gap between the richest men and women is still substantial, currently standing at 112 per cent.In 2005 the average British male millionaire was worth £2.7 million, compared to his female equivalent who owned £1.28 million.By using an alternative measure of wealth, rich women actually outnumber their male counterparts in the UK.Datamonitor says there were 448,100 women and 429,300 men with more than £200,000 in onshore assets in 2005.The author of today's report, financial services analyst Lauren McAughtry, says that private banks are failing to take advantage of the growing number of female millionaires.She claims that the "champagne and chocolate approach" does not work, insisting that women want more from their bank than a "spa discount and a pink website"."Unfortunately many banks don’t yet have a specific budget to research the segment, so instead are having to focus on tactics rather than long-term goals," Ms McAughtry continued. "This lack of strategic thought is resulting in opportunities being missed, and leaves a potential gap in the market."

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