East Midlands moves up one place in the Prosperity Index, becoming the UK’s 5th-most prosperous region.

MEASURE RESULTS
Household wealth £198,000
GDP £20,929
Unemployment 4.3%
Household expenditure £514 per week
House prices £170,509
Exam achievement 55.0%
Hours worked 33.7
Earnings £24,913
Business births/deaths 1.58
Insolvency rates 17.9 per 10,000 population
Millonaire numbers 25,000

The East Midlands has moved up one place in the Prosperity Index ranking, and is now the fifth-most prosperous region in the UK.

The research revealed that prosperity growth in the East Midlands has been boosted by higher-than-average increases in earnings, with wages in the region seeing a 2.7% growth to reach an average of £24,913.

GDP per capita increased by 1.0%, up to £20,929, with house prices also seeing a boost since last year, up 6% to an average of £170,509. The West Midlands also saw a +6% increase in house prices, with only Eastern England facing higher growth, at +7%.

The region is fifth in the nation for household expenditure, at £514 per week. The North East has the lowest expenditure, at £424 per week, while the highest is in London at £652.

Business is also seeing growth in the East Midlands, which, at a regional level, ranks second in the country for its business-birth-to-death ratio. For every business that closes, 1.58 are created, second only to London’s ratio of 1.78. Individual insolvency rates have improved as well, declining by 5.1% to 17.9 per 10,000 adults.

The number of millionaires in the East Midlands has risen from 22,500 in 2015 to 25,000 in 2016. This constitutes a 4.0% share of UK millionaires, and an 11.1% year-on-year increase. London has the highest share at 26.4%, while the North East is at the bottom of the charts with a 1.9% share of millionaires.