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North East wealth on the rise

A new report released today has revealed that the number of millionaires in the North East has increased by 17%.

The number of millionaires in the region has grown from 12,000 to 14,000 in the past two years, the study shows.

The Barclays Wealth 2011 UK Wealth Map also reveals that the region is set to grow its population of wealthy people more rapidly than anywhere else in the UK over the next ten years.

This comes despite the number of millionaires falling nationally by 15%to 528,000 by the end of 2008 as the effects of the economic downturn were felt across the UK.

Andrew Miller, Barclays Wealth’s regional centre head for Newcastle, said: “Despite one of the deepest recessions ever experienced by this country, these findings indicate that wealth creation is starting to recover in the North East 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 Newcastle in the coming years.”

According to the report the positive outlook looks set to continue and the number of millionaires in the North East will grow from its current population of 14,000 to 20,000 millionaires by 2020 in the region.

The findings also reveal that the North East is the philanthropic capital of the UK, with the highest proportion of new charities compared to the wealthy population.

In 2010 there were 21 new registered charities founded for every 1,000 millionaires in the region.

This was posted in Bdaily's Members' News section by Ruth Mitchell .