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East of England

The East of England maintains its place as the third-most prosperous region in the UK for the second year running.

Measure

Results

Household wealth:

£267,200

GDP:

£23,970

Unemployment:

3.8%

Household expenditure:

£572 per week

House prices

£285,996

Exam achievements

58.1%

Hours worked:

33.7

Earnings:

£24,913

Business births/deaths

1.48

Insolvency rates:

17.3 per 10,000 population

Millionaire numbers:

82,000

The East of England remains the UK’s most affluent region outside London and the South East, with Cambridge being the UK’s third most prosperous city.

Despite uncertainty in the wider economic and political landscape over the last year, the East of England has seen positive growth in almost all macroeconomic indicators. The region has moved up two places to sixth place in the ranking of average earnings, at £24,913. GDP per capita has grown 1.7% to reach £23,970, the third-highest in the country – only London and the South East have higher GDP.

Household expenditure presents a similar picture relative to the rest of the UK: the region is in third place, having grown by 5.8% from 2016, to £572 per week. House prices have grown by 7% year-on-year to £285,996, behind London (£502,787) and the South East (£335,523).

It’s also a positive story for businesses in the region – the East of England has the fourth highest business birth-to-death ratio in the UK, at 1.48 – 0.11% up on the previous year. The region has the country’s lowest unemployment rate, at 3.8%.

The East of England has seen stronger growth in the number of millionaires than the rest of the UK – millionaire numbers in the region increased by 9.3%, up from 75,000 to 82,000, compared to a national growth rate year-on-year of 7.6%. Of the UK’s millionaires, 13.1% live in the region.

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: