A strong property market will mean more millionaires, says Barclays

Eight million British homes will boast more than $1m (�526,900) in assets by 2016, the bank claims.

It also predicts the UK will play host to one million "super millionaires" with more than $3m in assets by 2011.

In October, Barclays said it planned to spend �375m over the next three years boosting staff and upgrading computer systems at its wealth management unit.

Popstars and footballers are among the growing number of millionaires being targeted by the bank.

World leader

Now Barclays Wealth Insights, a new quarterly report written by the Economist Intelligence Unit (EIU) on behalf of the wealth management arm of Barclays, is predicting a rosy future for citizens of more modest means.

The UK is full of vibrant, dynamic and innovative individuals Mark Kibblewhite, Barclays Wealth

It claims that households with more than $1m in property, land, savings and investments will grow to 26% of the total of UK homes by 2016.

Barclays says this performance will outstrip that of any other G7 economy, making the UK home to the highest concentration of $1m households around the world.

It is predicted that in a decade the US and Japan will see a 16% and 22% increase in the numbers of million dollar households.

A strong property market and entrepreneurial culture are factors behind the Barclays' prediction.

Mark Kibblewhite of Barclays Wealth said: "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."