The number of British millionaire households grew by 12% in 2015

The UK has more millionaires than France and Germany combined

In the UK, total private wealth grew by 3.6 per cent to $9.3 trillion

The UK is close to having one million millionaire households, more than any other country in Europe, a new report revealed.

Some 961,000 households in 2015 had more than $1m worth of assets, a 12 per cent rise on the year before, according to the Global Wealth report by Boston Consulting Group (BCG).

The UK has the fourth largest number of millionaires, above Switzerland, Germany and France, which have 519,000, 446,000 and 445,000 millionaire households respectively.

Worldwide the number of millionaire households grew by 6 per cent to 18.5 million, of which 8 million are in the US, 2.1 million are in China and 1.1 million are based in Japan.

Paul Nowak, deputy general secretary of TUC, the body for British trade unions, said that little is being done to change the status quo.

“It says much about current Britain, that at a time when millions are struggling to pay their rent or get a mortgage, others are paying for swimming pools and cinemas to be constructed in the basements of their homes in Chelsea,” Mr Nowak told The Guardian.

The fastest growing group of millionaires are those with assets of between $20m and $100m, a category known to private bankers as ultra-high-net-worth individuals.

The report, aimed at wealth managers, looks at private financial wealth which includes cash and deposits, life insurance payments, mutual funds, listed and unlisted equities, debt securities and pension entitlements. It excludes property and luxury goods.

The BCG said that the wealthy continued to invest in offshore centres despite tighter regulations with $10trn of assets held overseas in 2015, a rise of 3 per cent compared to the year before.

The UK was among the top three sources of offshore wealth along with China and the US. Rich Britons held 6 per cent of their wealth abroad in 2015.

“Although regulatory measures aimed at fighting tax evasion will continue to persuade some old-world investors to repatriate their wealth, regulation also stabilises the market and provides new opportunities to move fully-taxed wealth offshore in search of better service quality, product diversity, economic stability, and the like,” said Anna Zakrzewski, a BCG partner and a co-author of the report.

In the UK, total private wealth grew by 3.6 per cent to $9.3trn. This compares to an overall growth of 4.3 per cent in western Europe, a slower rate than in 2014.

A vote to leave the EU in this month’s referendum and an economic slowdown in China could continue to slow private wealth growth.

“Regional wealth growth in western Europe is expected to continue at rates similar to those in recent years, although this expansion could be held back by the low interest-rate environment and the potential exit of Great Britain from the European Union.

“Further pressure could come from economic slowdowns in countries outside the region, such as China, in which western European nations have high investment stakes,” said the BCG report.

Country ranking by millionaire households 2015

USA - 8 million

The Manhattan skyline (Shutterstock)

China - 2.1 million

Mr Zuckerberg sparked debate with his jog through Beijing (Facebook)

Japan - 1.1 million

Japan's population is projected to fall dramatically in the next 50 years (Wikimedia)

UK - 961,000

The FCA’s review could be followed by a full-scale investigation (Getty)

Switzerland - 519,000

One of three Swiss cities to appear in the top 10, Geneva is the world's third most expensive city (Mike Hewitt/Getty Images)

Germany - 446,000

Germany's retirement system came 12th out of 25 countries

France - 445,000

Heightened security following last year’s terror attacks is mirrored by tourists’ continuuing reluctance to visit the French capital (Getty)

Canada - 440,000

Toronto skyline

Italy - 354,000

Rome is slightly more expensive than London for drinks, with a round coming in around £62 (GETTY)

Taiwan - 324,000

Taipei, Taiwan

Australia - 230,000

Sydney: Problems with upgrade bid

Hong Kong - 223,000

In Hong Kong, copyright owners can contractually prohibit parody, satire and caricature of their work (AFP/Getty Images)

Netherlands - 222,000

The Dutch capital is cheaper than London for drinking, with a round costing around £58 (Getty)

Saudia Arabia - 214,000

A residential street in Riyadh, capital of Saudi Arabia (Reuters)

Belgium - 202,000

(Getty Images)