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

The Barclays UK Prosperity Map is an in-depth view of the different prosperity drivers across the UK regions. The map compiles different measures gleaned from official data – including GDP, employment, enterprise figures, household expenditure and number of millionaires – to give an overall score for each region.

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: