Instant Improver

1 in 65 adults in the UK is now a millionaire and here’s where they live

Over the age of 18? Well there could be a succinct chance you have the sort of capital allowing you to do a Scrooge McDuck and swim in a silo of coinage.

A one-in-65 chance in fact.

Barclays UK has just revealed a report detailing that one in 65 UK adults is now worth seven figures, and the number of millionaires in the country up by 41 per cent in just the past five years alone.

According to the study, there are now 715,000 millionaires living in Britain compared with 508,000 in 2010, thanks in large to booming house prices and stock market increases.

Of course anyone remotely familiar with London property prices (the horror) will already know ‘millionaires’ row’ isn’t just a term for plush Kensington and Chelsea anymore but also more traditionally deprived areas such as Hackney, where estate agents had the gall to list a £1m flat as ‘affordable’ this week.

And good news for anyone keen to seen a spread of wealth outside the capital - the bank’s prosperity index found that while London continued to house more millionaires than all the other UK regions put together, nearly half of new millionaires (48 per cent) since 2010 actually lived outside London and the South East.

Speaking of the find, Akshaya Bhargava, chief executive of Barclays Wealth and Investment Management, said: “The UK is becoming more prosperous, with every region having grown in affluence since 2010. It is also encouraging to see that regions and cities are starting to close the gap with London in terms of prosperity, with the north-east, for example, seeing business growth rates behind only London.”

The study also employed a number of factors to rank cities by prosperity, with Reading - which has average earnings of £30,562 and a flourishing start-up scene - finishing second on the list, followed closely by Cambridge and Birmingham.

Even those further than the midlands had cause to celebrate: as well as revealing the highest rate of growth in millionaires to be in the north-east and Wales, both up 50 per cent since 2010, the study also said northern regions “may be on the cusp of change, with the north-east leading the way”.

See the UK cities ranked by ranked by prosperity here, and then let us know how your own nest egg is getting on with our poll further down.

1 London
2 Reading
3 Cambridge
4 Birmingham
5 Bristol
6 Leeds
7 Cardiff
8 Manchester
9 Liverpool
10 Newcastle

[Via: The Guardian]