UK has the highest projected millionaire wealth growth of major European economies, according to a forecast by PBI’s sister company WealthInsight and magazine Spear’s.

The total wealth of the UK’s richest is expected to grow by $338 billion (12.5%) from 2014 to 2016 – ahead of other leading economies Germany, Spain, France and Italy.

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This is an increase of over 50% on 2013, when growth stood at 8%, said the two companies.

The data was compiled using WealthInsight’s model, based on an overall five year review period. A complex set of economic variables were assessed by analysts including GDP, local stock market performance, inflation measures and real estate market.

According to the forecast, both Germany and Spain’s high net worth wealth is set to grow by 11.7% over the next two years. France will see growth of 10.5%, while Italy is expected to experience growth of 9.2% among the country’s wealthiest.

Oliver Williams, analyst at WealthInsight said: "As business owners and financial operators, millionaires are often on the front line of economic boom and bust. They are the first domino that begins the trickle down of wealth through society. Figures on the wealthy are, therefore, indicative of the wider economy and the next two years are set to be more lucrative for the UK than the rest of Europe."

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Furthermore, the appeal of the UK’s business friendly laws and global links – as well as London’s dominance in global finance – means it is expected to attract more overseas wealth than its European rivals during the next two years.

"Spain and Italy’s economic woes will take longer to repair themselves following the Euro crises and no imminent signs of growth are therefore seen among the wealthy," added Williams. "Italy also, along with France, has introduced taxes considered hostile to businesses and wealthy individuals alike, driving many millionaires towards the UK’s shores."