Scotland

Scotland drops to ninth most prosperous region, with a prosperity score of 0.22.

Measure

Results

Household wealth:

£186,600

GDP:

£23,685

Unemployment:

4.8%

Household expenditure:

£482 per week

House prices

£130,437

Exam achievements

56.0%

Hours worked:

33.1

Earnings:

£27,032

Business births/deaths

1.33

Insolvency rates:

N/A

Millionaire numbers:

30,500

Scotland has dropped from the seventh to the ninth most prosperous UK region. It has, however, seen positive increases in several macroeconomic indicators: GDP per capita saw a 1.8% rise to £23,685 – the fourth-highest in the UK. A 1.5% increase in household expenditure reflected the rise in average earnings – up 2.5% to £27,032 – resulting in the third-highest earnings in the UK after London and the South East.

Scotland has also seen a drop in unemployment, down to 4.8% in 2016 from 5.8% in 2015. Only Wales saw a larger drop in those out of work, at -1.4%.

Other measures have impacted overall prosperity. House prices lag behind the rest of the UK, rising just 2% in the last year, while Scotland’s business birth-to-death ration dropped 0.03% year on year to 1.33, the lowest in the UK.

The number of millionaires in Scotland has remained constant at 30,500. This represents a 4.9% share of all millionaires living in the UK.

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: