Barclays UK Prosperity Map

Press release
Published August 30th, 2015 - 09:33 GMT
Barclays
Barclays

The Barclays UK Prosperity Map is new research that uses factors including average annual pay, business survival rates, the percentage of households giving to charity and exam scores to generate a unique ‘Prosperity Index Score’ for each UK region. These factors are designed to provide a deeper view of regional financial health than single measures of wealth such as assets, investments and the location of luxury services, and make it possible to predict the UK’s next most prosperous areas.

The research also provides an estimate of the number of millionaires now living in the UK and breaks this down by region, and provides commentary on the results by Barclays Wealth and Investment Management spokespeople and external experts.

Key findings:

Millionaires

House price rises, returns in equity markets and higher wages and employment rates have led to every UK region becoming more affluent since 2010 and has resulted in a significant 41% increase in the number of millionaires living in the UK since 2010 to 715,000.

Longer-term, growth in millionaire numbers is expected to return to normal levels, with a 9% increase in the UK expected by 2025, in-line with GDP growth.

Regional trends

Nearly half (48%) of all new millionaires since 2010 live outside of London and the South East.

The Prosperity Index Scores reveal that London’s shift in gravity to the east has led to the East of England becoming more affluent. There has been an influx of wealthy individuals to the region and the area is now the UK’s third most prosperous area after London and the South East. Reading is also revealed to be more second most prosperous city in the UK, after London.

Although the North East, Wales and Scotland have recorded higher than average unemployment and insolvency rates since 2010, the research also suggests that Northern regions may be on the cusp of change, with the North East leading the way. The 50% rise in the number of millionaires living in the North East is the joint-largest increase of any region in the UK along with Wales. The North East is also the second strongest region in the UK for exam results - after Northern Ireland - and has a thriving entrepreneurial scene, second only to London.

Philanthropy

 The research reveals that charitable giving and affluence do not necessarily correlate; Northern Ireland emerges as the UK’s most charitable region, with 45% of households giving to charity versus the national average of 29%. The strong sense of community in the area is cited as the reason for this result. 

Background Information

Barclays Corporate

With a strong focus on client relationship, Barclays Corporate provides integrated banking solutions to more than 100,000 businesses and organisations with an annual turnover of more than £5m around the globe.

Its clients are served via a network of relationship, industry sector and product specialist managers, who provide local access to tailored solutions constructed from a comprehensive range of products, services and expertise. These include: lending, risk management, trade, cash and liquidity management, and specialist asset and sales financing.

Additionally, clients are offered access to the products and expertise of other businesses in the Group, particularly investment banking through Barclays Capital and private wealth management through Barclays Wealth.

Barclays Corporate employs 13,000 globally.

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