Midlands millionaire count up by 36%

THE Midlands is now home to 57,000 millionaires, up by 36% since 2010.

The first Barclays UK Prosperity Map has revealed that a strong housing market and growth in entrepreneurial activity has resulted in the Midlands becoming more affluent, driving the increase.
 
The map uses factors including numbers of millionaires, average annual pay, the percentage of households giving to charity, business survival rates and exam scores to generate a prosperity index score for each UK region.

Barclays says the burgeoning entrepreneurship scene in the Midlands was one of the main drivers of its prosperity. The West Midlands saw more than 25,000 new enterprises registered during 2013.

A burgeoning housing market may also be indicative of an uplift in prosperity in the area. Although the average house price in the West Midlands was found to be £152,203, separate data from Zoopla showed the number of homes selling for seven figures in Birmingham doubled in 2014, with a total of 34 changing hands – indicative of the greater levels of affluence present in the region.

Paul Keiser, regional director, the Midlands, Barclays Wealth and Investment Management, said: “It is very encouraging to see the Midlands performing well in terms of prosperity, driven by a thriving start-up scene in the area.

“Entrepreneurial activity in the Midlands is very strong at the moment, with the latest Start-Up Britain figures showing that the city of Birmingham is second only to London in terms of the number of new start-ups.
 
“This effect inevitably spills over into the region as a whole, and it is great to see such a healthy number of businesses not just starting up, but thriving in the area and driving greater prosperity. To build on this, we now need to ensure we are skilling up the next generation of business leaders in the region to carry forward this legacy of entrepreneurial spirit.”
 

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