Access denied! Only SRP admin can Add Properties or section

Business Problem: Receiving an error when trying to add a Property to the PropertyCollection of the UserProfileConfigManage even running the code with elevated permissions, but obviously, it is not helping as the Identity of the application pool for the content website does not have permissions to the SSP to create user profile properties. 

Here is four steps answer: The account that you use to run, must be granted Personalization rights in Shared Services Administration for the Default SSP.
 
Go to Central Administration
Click on SSP-Public
Click on Personalization services permissions
Add the account and grant Manage user profiles

That’s it... Enjoy