East Midlands moves up one place in the Prosperity Index, becoming the UK’s 5th-most prosperous region.
|Household expenditure||£514 per week|
|Insolvency rates||17.9 per 10,000 population|
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%.
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.