Coutts raises minimum for millionaires

The move is the largest wealth-test increase in the bank's history and reflects a broader trend among elite financial institutions to focus on the wealthiest global elite.

Existing clients will reportedly not be affected by the new threshold, but the change signals a more exclusive future for the 334-year-old institution.

Financial analysts suggest the shift is driven by the need to manage rising operational costs and a desire to compete more aggressively in the global private banking market.

The decision has sparked debate over the accessibility of traditional British institutions in an era of increasing wealth inequality.