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London

London remains in 1st place with expenditure growth of 5.9% and the highest GDP per capita, despite only growing by 1.6%.

Measure

Results

Household wealth:

£239,300

GDP:

£43,629

Unemployment:

5.7%

Household expenditure:

£652 per week

House prices

£502,787

Exam achievements

60.6%

Hours worked:

34.4

Earnings:

£41,279

Business births/deaths

1.78

Insolvency rates:

11.8 per 10,000 population

Millionaire numbers:

165,000

London continues to top the Index with a score of 0.77

The UK capital continues to be a centre of prosperity, with not only the highest earnings and household expenditure in the country, but also the biggest growth in expenditure at 5.9%. London also continues to have the highest GDP per capita of all UK cities and regions, at £43,629.

London’s GDP growth is more modest than that of other regions: 1.6% compared with 3% in the North West and 2.8% in the North East. The city has the nation’s highest house prices (an average of £502,787), but its 3% growth is slower than any other region except Scotland, which grew by just 2%. To put this into perspective, East of England and East and West Midlands, for example, are seeing growth of 7%, 6% and 6% respectively, an ongoing trend from 2016.

London also has the country’s highest business birth-to-death ratio, with 1.78 new businesses created for every business ‘death’. SME turnover, however, has seen a sharp decrease of 22% since last year’s research, in stark contrast to the North West, where SMEs have grown their turnover by 15%. Just two regions – Scotland (23%) and the North East (26%) – have seen bigger decreases than London.

The capital remains home to the largest number of millionaires in the UK, with 165,000, a 6.5% increase and more than a quarter – 26.4% – of the UK’s total millionaire population. However, the city experienced a year-on-year drop of 0.3% in its share of the overall UK millionaire population and saw the third-lowest growth in millionaire numbers compared with other regions. Only the South East (which saw 6.1% growth in millionaire numbers) and Scotland (0% growth) saw lower levels of growth, while the East Midlands saw the greatest growth at 11.1%.

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: