Women get rich, quick

The number of rich women in the UK is rising fast, and this has come to the attention of the more exclusive banks who are now competing to win their custom.

Social trends including rising inheritance and divorce rates have combined with a new generation of women entrepreneurs to boost the number of high net worth females in the UK and narrow the wealth gap with men, a new Datamonitor report reveals.

And this has led to high street banks and private banks investing in events, products, and services designed to appeal and hold onto valuable female clients.

Some are now offering networking events or women's resources such as websites or newsletters, while Datamonitor points out others such as Citigroup Private Bank in the US have gone as far as launching a service aimed specifically at women.

Most of the female-focused offerings in the UK are based around issues assumed to be relevant to women in a style designed to appeal to the fairer sex.

But all too often this process results in a "champagne and chocolate approach" insulting to intelligent, sophisticated women looking for more from their private bank than a "spa discount and a pink website," Datamonitor's report finds.

"The ability to add value hinges instead upon truly understanding their needs – day to day and long term - and providing relationship managers who can relate and speak their language," said Datamonitor analyst Lauren McAughtry.

"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."