Barclays UK Prosperity Map
The Barclays UK Prosperity Map is an in-depth view of the different prosperity drivers across the UK regions. The map compiles a series of different measures gleaned from official data – including GDP, employment, enterprise figures, household expenditure, number of millionaires and donations to charity – to give an overall Index score for each region.
In 2016, the Barclays Prosperity Index showed an overall uplift in prosperity across every region of the UK in comparison to last year’s study, and what’s more, we’re starting to see examples of how this prosperity is being shared across the country as a whole.
For instance, in a sign of their status as increasingly attractive areas to live and work, both Bristol and Cambridge saw higher growth in house prices than London, at 14% for Cambridge and 13% for Bristol, compared to just 11% in London.
Cities outside of London and the South East also performed strongly on entrepreneurial activity, with Manchester, Cardiff and Sheffield all seeing some of the largest increases in SME turnover at 15%, 12% and 11% respectively. Meanwhile, Scotland led the way in terms of increase in household wealth, rising by 13% since 2015, and Northern Ireland saw the largest year-on-year increase in average earnings, at 9%.
With 690,000 people in the UK now being worth at least seven figures, this is the equivalent of 1 in every 67 adults being a millionaire. Although this is a slight dip in comparison to 2015, falling by 3.8%, the longer term trend paints a better picture, with the number of millionaires increasing by 34% since 2010. Even without London and the South East, the rest of the UK has shown an increase of 85,000 additional millionaires, up by 31% since 2010.
Akshaya Bhargava, Chief Executive, Wealth, Entrepreneurs and Business Banking, Barclays, said: “As we look at the future of global trade and inward investment it is the success of our entrepreneurs that will help drive future prosperity - it is essential that business leaders and policy makers continue to nurture these growth areas in order to ensure that these trends continue.”