112,000 Britons can lay their hands on £1m in ready cash

The lavish spending habits of the super-rich group were laid bare as it emerged their ranks are expected to swell 13 per cent by 2011.

To qualify for the elite social class, you must have £1million or more in liquid assets in this country.

The true wealth of the group is likely to be much higher, because many have several homes around the world and offshore accounts.

The report by private bank Coutts revealed that one of super-rich's biggest extravagances is eating out.

They typically spend more than £8,000 a year in restaurants.

As this is an average figure, it means some are spending far more on good food and fine wines, possibly every night of the week.

One City restaurant, Vivat Bacchus, has recently opened bookings for a £1,000-a-head, seven-course Bonus Tasting Menu.

The menu includes royal Sevruga caviar, fresh Bahama rock lobster linguini, grilled Wagyu fillet steak, a cheese board of 15 varieties and chocolate soufflÈ.

Each course is accompanied by its own glass of wine, including Chateau Lafite Rothschild.

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The biggest spend by the super-rich is on holidays, hotels and other "fun" activities, such as going to the opera or theatre. For this, they pay out some £12,305 a year - 220 per cent more than Mr Average.

Their spending on education is nearly £2,000, but Coutts says this is unlikely to be a true reflection of how much many of them really spend.

The average is lowered by the fact that many in the survey have grown-up children who have completed-their education.

With average-annual fees of £20,150 for a boarding school, the cost for parents who choose to privately educate their children is much higher.

In one twist, typical annual costs, such as for housing and mobile phone use, are much lower for the super-rich.

This is because many are so wealthy they do not need a mortgage. Others have "free" company mobiles, according to the bank.

One of the study findings is unlikely to attract much sympathy. The report showed the inflation rate for the rich is much higher than that for the typical man - 9.5 per cent compared to just 2.1 per cent.

The Coutts report was compiled by looking at the spending habits of the 14,000 holders of its World Card, available by invitation only.

More than 50 per cent of cardholders spend over £50,000 a year, the bank said.