Research did find that the influence of old money is less in evidence, only 14% of those surveyed saying their wealth comes solely from inheritance income. Trusting luck to make a fortune also appears to be a no-go strategy. Only 4% said their wealth has come from winning the lottery or by gambling. But around 15% the younger wealthy acquired their fortune through either winning it or through marriage, in contrast to those aged over 50. 

The majority of millionaires, 72%, were state-school educated, indicating a privileged background is not a factor in them being able to have a university education. London, Oxford Cambridge, Leeds and Manchester are top ranked for those becoming millionaires, followed by St Andrews  ranked sixth, Edinburgh ninth and Glasgow at lucky 13.

Commenting on the findings, Jo Rimmer, Skandia, said: “The results from this first round of the SkandiaMillionaire Monitor show that UK’s wealthiest are controlling their future financial security by working hard and investing wisely, not crossing their fingers and hoping for the best.”

The research also found that around 8% are already planning to leave the UK and more than half of millionaires are or could consider moving find a higher standard of living. Only 44% are certain of remaining in the UK.

Taxation, perceived better living standards outside the UK and the weather contribute two thirds of the rationale as to why UK millionaires would consider a move abroad.

Despite this, under 2% of those considering a move abroad are thinking of a move to a tax haven such as Switzerland or the Caymen Islands to reduce the amount of tax they pay. Instead, for those millionaires considering a move abroad, four countries alone account for almost 50% of preferred destinations - France, US, Spain and Australia.