Women in the UK are slowly but surely supplanting men on the list of the nation's wealthiest individuals, according to a new report.

Market research company Datamonitor has found that women now account for 46 per cent of Britain's 376,000 millionaires. The number of female millionaires is also growing by around 11 per cent each year.

In 2005, there were 448,100 high net worth women in the UK, in comparison to just 429,300 wealthy men. Some 3,800 women owned liquid assets worth at least £5 million in 2005 and this figure is rising rapidly.

Significantly, women are now closing the wealth gap at a staggering pace. If current trends continue, women are likely to dominate rich lists in a matter of years.

In 1998, the average male millionaire was worth £2,713,829. The average female millionaire at the time was worth just £1,276,188, which represents a gap of 112 per cent. Last year, the average male millionaire was worth £2,963,423 and female equivalents were worth £1,969,618. In the eight-year period, male millionaires increased their wealth by 9.1 per cent and female millionaires enjoyed a 54 per cent increase.

Unsurprisingly, High Street and private banks are both trying desperately to capitalise on this growth. Many have launched services, products or programmes that will appeal to female clientele, although the report suggests that much more could be done.

"While many private banks and wealth management divisions say they recognise the market significance of the wealthy woman, only a few appear to have taken direct action," the report argues.

A recent Accenture report claimed that "archaic IT systems" were to blame, as banks are currently unable to tailor their financial products effectively enough.

Datamonitor analyst Lauren McAughtry believes that the problem is more fundamental.

"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. This lack of strategic thought is resulting in opportunities being missed, and leaves a potential gap in the market."

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