Every region across the UK is more prosperous then it was a year ago, with one in every 67 adults being a millionaire, according to a new study.
Scotland enjoyed the biggest rise in prosperity, which increased 60% due to the region’s rising private pensions wealth, said the latest Barclays Prosperity Index.
The North East of England emerged as the least prosperous region in the country, although average earnings rose by 6% and household wealth increased by 5% year-on-year.
The in-depth study, which was conducted before June's Brexit vote, is compiled by measuring employment and enterprise figures, household prices, the number of millionaires and donations to charity.
It found that London continues to be the UK’s most prosperous city and remains the city with the highest number of millionaires.
Although the prosperity of ordinary workers has improved, the number of people in the UK worth at least seven figures fell by 3.7% to 690,000, which is the equivalent of one in every 67 adults being a millionaire. In 2015, there were 715,000 millionaires across the country.
London contains 185,000 millionaires, whilst in the South East there are 148,000 and even less in Eastern England at 91,000. The UK has shown an increase of 85,000 additional millionaires, up by 31% since 2010, even without London and the South East.
The report found strong entrepreneurial activity outside of London and the South East as Cardiff sees one of the largest increases of 12% in Small and Medium-sized Enterprise (SME) turnover.
Manchester and Sheffield saw increases in SME turnover of 15% and 11% respectively.
Akshaya Bhargava, chief executive of Barclays’ wealth division, said: “It is particularly reassuring to see that there is strong activity throughout the whole of the UK.
“As we look at the future of global trade and inward investment post-Brexit it is the success of our entrepreneurs that will help drive future prosperity, it is essential that business leaders and policymakers continue to nurture these growth areas in order to ensure that these trends continue.”
Barclays Prosperity Index Table
- South East
- Eastern England
- South West
- Northern Ireland (up one place)
- East Midlands (down one place)
- Scotland (up three places)
- North West
- West Midlands (down two places)
- Wales (up one place)
- Yorkshire and Humber (down two places)
- North East