Barclays Wealth, in conjunction with marketing and research consultancy Ledbury Research, has published a report entitled, ‘Barclays Wealth 2011 UK Wealth Map’.
The study provides a snapshot of the wealth landscape in the UK and shows, for the first time, the spread of wealth in each of the country’s regions.
According to the study, the number of individuals with more than £5m has, in the past two years, increased by 19 per cent to 86,000 people.
As the wealthy start to recover from the economic downturn, the millionaire population is also on the rise, with 619,000 millionaires living in the UK today, compared to 528,000 in 2008.
It is also predicted that there will be 826,000 millionaires in the country by 2020, an increase of a third from today.
David Semaya, Head of UK and Ireland Private Bank at Barclays Wealth, said: “Despite one of the deepest recessions ever experienced by this country, these findings indicate that wealth creation is starting to recover and this trend is set to continue at a steady pace.
“We are hopeful that this will contribute to growth in the wider economy and help boost regional expansion in the coming years.
“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 business or restructure them.”
The report also examines the spread of wealth across UK regions and reveals that the majority of millionaires based in the country live in London and the South East.
The Midlands and the North West are the second and third wealthiest regions.