Barclays Wealth have just released a new report that reveals that the number of individuals with more than £5 million has increased by 19% - to 86,000 people - in the past two years. The report, entitled the 'Barclays Wealth 2011 UK Wealth Map' - produced in conjunction with Ledbury Research - provides a snapshot of the wealth landscape in the UK and for the first time shows the concentration of wealth in each of the UK regions, whilst forecasting the growth of the wealthy population from now to 2020. It also looks at societal and lifestyle factors, such as property prices, shopping, education and philanthropy
The report 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. But the report findings also confirm an outlook of growth. The return of confidence and consequent 17 per cent upswing now means there are 619,000 millionaires residing in the UK.
The report also looks at the spread of wealth across the UK regions. Unsurprisingly, the majority (46 per cent) of UK-based millionaires live in London and the South East. The Midlands is the second wealthiest region with 92,000 millionaires. The North West has the third-highest, with 64,000 living in the region.
Despite all the UK regions experiencing similar levels of growth in the number of millionaires over the past two years (between 15 and 19 per cent), the report reveals that some regions will now see further increases in the size of their millionaire populations. The number of millionaires in all regions will increase between now and 2020, with the North East seeing the highest growth. This region's total millionaire population will rise by 45 per cent to 20,000 by 2020. Similarly, Scotland will see an increase of 38 per cent to 55,000 millionaires.