Barclays Wealth’s recently published a prosperity map that sheds light on the rising number of millionaires in the UK.
They found that as a result of rising prosperity and property prices, one in 79 Brits over the age of 21 are considered millionaires.
This figure has risen considerably since 2016 where the statistic was one in 84 Brits. In fact, according to Barclays Wealth, the UK’s millionaire population is growing each year by approx. 7.6%.
Whilst this group of wealthy individuals is still significantly smaller than the size of the wider UK population, at a number of 625,000 and rising, we have reached our highest number of millionaires on record.
|
City |
Millionaire Population |
|
London |
165,000 |
|
South East |
130,000 |
|
East England |
82,000 |
|
South West |
52,500 |
|
North West |
43,000 |
|
West Midlands |
32,000 |
|
Scotland |
30,500 |
|
Yorkshire & Humber |
28,000 |
|
East Midlands |
25,000 |
|
Northern Ireland |
12,500 |
|
Wales |
12,500 |
|
North East |
12,000 |
When this prosperity is analysed region-to-region (see below table), there are some very clear and obvious findings.
Most notably, that our millionaire population is highest at the heart of the UK. In our capital, a staggering 165,000 people fall within this millionaire-bracket. And with an average house price of £502,787, are we really that surprised?
After all, there appears to be an undeniable correlation between highest property prices and highest levels of prosperity.
In the north east of England, where the average house price is £118,971, there are only 12,000 millionaires. That is just 7% of the number of wealthy Brits found in London, and a difference of over £380,000 in terms of the average house price.
When it comes to highest growth, the East Midlands and South West experienced the greatest surge in wealthy individuals, up 11.1% and 10.5%, respectively.
From Barclays Wealth’s prosperity map, it is clear that property is a great investment, and has sparked growth in many UK cities.
Talk to our team today to find out what we can do for you, and for a closer look at Barclay Wealth’s prosperity map, please follow this link.
