Prosperity is on the up in the North East, with increases in average earnings, household wealth and GDP.
Average earnings in the North East grew faster than every other region except for Northern Ireland, rising 6% to £24,748 since our 2015 study. Household wealth increased year-on-year by 5% to £150,000, faster than both the North West and the Midlands.
The North East’s GDP also rose by 8% in line with that of London’s.
The North East was one of only five regions where the number of millionaires remained static at 12,000 as reported in 2015. The majority of UK regions had a slight reduction in the number of millionaires.