Figures published today show for the first time the concentration of wealth across the regions of the UK.
A report from Barclays Wealth shows the number of millionaires in Britain has risen at a rate of more than 120 a day since the worst of the economic downturn.
Despite the recession there are now 619,000 millionaires in the country today compared with 528,000 two years ago.
London and the South East accounts for almost half the nation’s millionaires with 287,000.
In Yorkshire there are said to be 44,000 millionaires compared with 38,000 two years ago – an increase of 16 per cent. This means that one in every 750 people living in Yorkshire is classed as a millionaire. Experts predict the region’s millionaire population will increase by up to a third by 2020 taking it toward 60,000.
The North East and Scotland are expected to see the fastest growth in millionaire populations by 2020. There are currently 14,000 millionaires in the North East and 40,000 in Scotland, but these numbers are expected to rise by 46 per cent 38 per cent respectively.
Today’s report, entitled The Barclays Wealth 2011 UK Wealth Map, has been put together with the help of Ledbury Research which specialises in the analysis of wealthy individuals.
It reveals that the number of millionaires fell by 15 per cent to 528,000 by the end of 2008 as the effects of the economic downturn were felt across the UK.
However the report findings also confirm an “outlook of growth”.
In Yorkshire the number of people worth £1m or more is expected to grow by almost a third – 28 per cent, to 56,320 by 2020.
Martin Cuthbert, Barclays Wealth’s Yorkshire spokesman, said: “Despite one of the deepest recessions ever experienced by this country, these findings indicate that wealth creation is starting to recover in Yorkshire and this trend is set to continue at a steady pace. We are hopeful that this will help contribute to the wider economy, and boost regional growth in and around Yorkshire in the coming years.”
David Semaya, head of UK and Ireland private banking at Barclays Wealth, said: “Even with lingering uncertainty in this new economic landscape, there are indications that confidence is returning across the regions and that an improvement in investment conditions will be one factor encouraging entrepreneurs to look at how they can grow their businesses or restructure them.
“Our challenge now is to help them navigate this changing environment.”
Across the country there are now said to be 86,000 people who have assets valued at more than £5m, with 7,000 of these living in the Yorkshire region.
This is an increase of 19 per cent over the past two years when the national figure was 72,00.
The report predicts that the number of millionaires will increase in every region of Britain for the rest of this decade.
By 2020 there are expected to be 826,000 people who are classed as millionaires living in the UK.
Experts say the increase of almost 100,000 people in the past two years has been produced by stock market growth, successful entrepreneurs and wealthy foreigners moving to London.
The rise comes as Ministers plan to make it easier for wealthy individuals to migrate to the UK.
Home Secretary Theresa May has said she would exempt “high-net-worth investors” from the Government’s new cap on non-European migration, which is set to be introduced next month.
HOW THE WEALTH IS DISTRIBUTED
IN London and the South East there are 287,000 millionaires and this figure will rise by 35 per cent by 2020.
The Midlands accounts for 92,000 and is expected to see a 30 per cent increase.
In the North of England, the North West has the highest level with 92,000. Yorkshire has 44,000 – 30,000 more than the North East, which has the lowest level in Britain.
Wales has 22,000 while in Scotland the figure is 40,000.