5 million Brits believe they're on course to becoming a millionaire

Hope springs eternal for millions of Brits who, despite the current economic turmoil, still believe that one day they'll achieve millionaire status. Indeed, latest research from Cater Allen Private Bank, finds that an ambitious 5.4 million Britons expect to reach the millionaire landmark in their lifetime.

Those aged between 18-24 are most optimistic with 15 per cent believing they'll become a millionaire, followed quickly by those aged between 25-34 (14 per cent). But hope rapidly fades after 34 with only 9 per cent of those aged between 35-44 still harbouring millionaire ambitions.

However, confidence returns over the next ten years with 14 per cent of 45-54 year olds expecting to hit millionaire status, before steadying to 11 per cent after the age of 55.

Despite our preoccupation with having a millionaire lifestyle most of us aim for a good work/life balance (28 per cent) with job satisfaction (24 per cent) over money (23 per cent) as the main goal of a career.

Sally Watts, Marketing Manager at Cater Allen, commented: "It's really interesting to see the ‘rollercoaster' journey of hope that wannabe millionaire's hopes take through life. After starting off full of optimism their attitudes quickly change around 35 - the point at which many of us have to cope with the costs of owning a home and looking after our children. But things are clearly not as bad as they seem, with many 45-54 year olds coming out the other end of the tunnel with renewed optimism".

"Thankfully you don't have to be a millionaire to bank like one. Unlike most traditional private banks, Cater Allen offers more ‘inclusive' private banking that requires a minimum cash deposit of just £5,000 (or €10,000), but offers access to the superior service associated with a private bank.

The research also noted huge regional differences in people's millionaire expectations. Almost one-in-five (19 per cent) of people in the South West believe that the streets of their future are paved with gold - a stark comparison to the 5 per cent of Scots that expect to become a millionaire.

Interestingly men have greater belief than women that they're destined to become a millionaire with 17 per cent vs. 7 per cent, respectively.