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East Midlands

East Midlands moves up one place in the Prosperity Index, becoming the UK’s 5th-most prosperous region.

Measure

Results

Household wealth:

£198,000

GDP:

£20,929

Unemployment:

4.3%

Household expenditure:

£514 per week

House prices

£170,509

Exam achievements

55.0%

Hours worked:

33.7

Earnings:

£24,913

Business births/deaths

1.58

Insolvency rates:

17.9 per 10,000 population

Millionaire numbers:

25,000

The East Midlands has moved up one place in the Prosperity Index ranking, and is now the fifth-most prosperous region in the UK.

The research revealed that prosperity growth in the East Midlands has been boosted by higher-than-average increases in earnings, with wages in the region seeing a 2.7% growth to reach an average of £24,913.

GDP per capita increased by 1.0%, up to £20,929, with house prices also seeing a boost since last year, up 6% to an average of £170,509. The West Midlands also saw a +6% increase in house prices, with only Eastern England facing higher growth, at +7%.

The region is fifth in the nation for household expenditure, at £514 per week. The North East has the lowest expenditure, at £424 per week, while the highest is in London at £652.

Business is also seeing growth in the East Midlands, which, at a regional level, ranks second in the country for its business-birth-to-death ratio. For every business that closes, 1.58 are created, second only to London’s ratio of 1.78. Individual insolvency rates have improved as well, declining by 5.1% to 17.9 per 10,000 adults.

The number of millionaires in the East Midlands has risen from 22,500 in 2015 to 25,000 in 2016. This constitutes a 4.0% share of UK millionaires, and an 11.1% year-on-year increase. London has the highest share at 26.4%, while the North East is at the bottom of the charts with a 1.9% share of millionaires.

UK Prosperity Map

An in-depth view of prosperity drivers across the UK

Scores per region, gleaned from official data – including GDP, employment, enterprise figures, household spending and number of millionaires.

About this research

The UK Prosperity Map is an annual piece of research compiled by Opinium on behalf of Barclays Wealth & Investments. It ranks UK regions and cities in terms of their affluence. A Prosperity Index score has been calculated by Opinium for each UK city and region. In addition, data provided by Wealth-X calculates UK millionaire numbers. The index uses third party figures on the factors listed below: