More women set to become millionaires

By 2020, more than half the UK’s millionaires will be women, according to a UK think tank.

Women will account for 53% of British millionaires in the next 14 years, the Centre for Economics and Business Research said.

Large divorce settlements and greater longevity were the main reasons cited. Rising property prices and stock returns were also thought to play a factor.

The Centre said the number of British millionaires would increase more than four-fold to 1.7 million people by 2020.

The UK currently has about 376,000 millionaires, but this is set to grow to 690,000 by 2010.

However, the average age of millionaires is expected to remain the same, at 56 years old.

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