UK Wealth Map

Barclays Wealth, in cooperation with Ledbury Research, have recently published the first UK Wealth Map. According to the research, there are now around 619,000 millionaires in the UK, of which around 14 per cent have wealth of £5 million or more. It also estimates that by 2020, the number of UK millionaires will have grown by a third, to 826,000. I’m not sure how accurate this last statement can really be given the recent evidence of wealth fluctuations, but it does bode well for both general economic recovery and for a potential increase in major gifts, should these millionaires have access to sound philanthropic advice.

While these figures will no doubt differ from other research, they do provide an interesting insight into the geographical breakdown of millionaires in the country, including:

Scotland

  • No. of millionaires = 40,000
  • Total population worth £5m> = 7,000
  • Millionaires per 1,000 residents = 1.34
  • Growth in millionaires between 2008-10 = 18%

North East

  • No. of millionaires = 14,000
  • Total population worth £5m> = 1,000
  • Millionaires per 1,000 residents = 0.39
  • Growth in millionaires between 2008-10 = 17%

North West

  • No. of millionaires = 64,000
  • Total population worth £5m> = 9,000
  • Millionaires per 1,000 residents = 1.3
  • Growth in millionaires between 2008-10 = 16%

Yorkshire

  • No. of millionaires = 44,000
  • Total population worth £5m> = 7,000
  • Millionaires per 1,000 residents = 1.32
  • Growth in millionaires between 2008-10 = 16%

Midlands

  • No. of millionaires = 92,000
  • Total population worth £5m> = 5,000
  • Millionaires per 1,000 residents = 0.5
  • Growth in millionaires between 2008-10 = 15%

South West & Wales

  • No. of millionaires = 78,000
  • Total population worth £5m> = 10,000
  • Millionaires per 1,000 residents = 1.21
  • Growth in millionaires between 2008-10 = 16%

London & South East

  • No. of millionaires = 287,000
  • Total population worth £5m> = 47,000
  • Millionaires per 1,000 residents = 2.12
  • Growth in millionaires between 2008-10 = 19%

It’s a shame the research didn’t break down Wales (and the South West) and London (and the South East) as it makes it difficult to properly analyse the affluent South West as well as wealth concentration in the capital. However, what stands out, apart from the number of millionaires in Yorkshire (where are they all hiding!?), is the growth in millionaire wealth since the global economic recession hit hard in 2008.

An average growth rate of around 16 per cent across the UK  in two years is quite considerable when you consider both post-recession impacts, as well as Barclay’s estimation that millionaire wealth will rise by 33 per cent over the next 9 years. This is why we need to take such findings with a pinch of salt and acknowledge their usefulness on a broad generic level, without getting too hung up on specific numbers.

My own personal view on the UK Wealth Map is that if anything, it may help to give encouragement to those already engaged with, or looking to engage in, major gift fundraising. There are clearly plenty of wealthy people out there, and, with a well thought out and realistic gift plan, together with a little help from us prospect researchers’, I’m hopeful that major gift fundraising will continue to grow and evolve in the UK.

You can download Barclay’s full UK Wealth Map report here.

Categories: High Net Worth Individuals Resources

Resource Type: Blog

Posted by Beccy Murrell

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