The number of millionaires in the UK has soared by 41 per cent in the past five years due to booming house prices and stock market gains as Leeds was named the sixth richest city in the UK and the wealthiest in the North of England.
Research published yesterday also revealed that Yorkshire and the Humber is the ninth most prosperous region, coming ahead of Scotland, Wales and the North-East. The median household wealth in the region is £184,200 and there are now 28,000 millionaires in Yorkshire and the Humber – a 33 per cent increase on 2010.
The latest Barclays UK Prosperity Map shows there are now 715,000 millionaires living in Britain compared with 508,000 in 2010 - and nearly half, or 48 per cent, of all new millionaires since 2010 live outside London and the South-East.
The prosperity index found that Reading, Cambridge, Birmingham and Bristol are the most affluent cities outside of London. Leeds was the sixth richest city, followed by Cardiff, Manchester, Liverpool and Newcastle.
Barclays said surging property prices and big returns in equity markets in recent years have combined with higher wages and employment rates to create more millionaires as the UK economy gets back on track.
Figures from the Land Registry show the average price for a house in Leeds rose from £172,133 in 2010 to £178,156 in 2014, an increase of three-and-a-half per cent.
Martin Cuthbert, the regional director for Yorkshire and the Humber at Barclays Wealth and Investment Management, said: “This region is the biggest county in the country and as a result it has a hugely diverse economy, ranging from entrepreneurship to farming – all of which are contributing to the steady increase of prosperity in the region.
“The growth of cities such as Leeds and Sheffield are also helping to support the increasing levels of affluence and commercialism in this region.”
Leeds-born multi-millionaire businessman Steve Parkin’s wealth increased last year after logistics firm Clipper Group, the company he founded in 1992, was successfully floated on the London Stock Exchange. Mr Parkin’s personal property company has invested £110m in The Central Square scheme, which is under construction in Leeds city centre.
Leeds United fan Mr Parkin said he has set aside £20m to invest in Yorkshire-based companies, adding: “I think Leeds is having growth again after a few years of stagnation. I think the city will continue to flourish, all it needs now is a Premiership football club.”