Cities are outpacing their wider region, with clear disparities opening up when it comes to GDP per capita and earnings
London continued to dominate as the UK’s most prosperous city. But Birmingham and Newcastle are narrowing the gap, with the biggest year-on-year increases in GDP per capita, at 4.2% and 4.4% respectively – growth well in excess of the overall UK figure of 1.8% for the same period.
House prices continue to rise, with almost every city seeing higher growth than London’s 3%, with Birmingham at 8% and Manchester at 7% seeing the biggest increase.
Start-up businesses are flourishing in Birmingham, which had the highest birth-to-death ratio at 1.81 businesses being created for each one that closed, narrowly ahead of London which comes in at 1.78.
Newcastle saw the highest average earnings increase of any UK city, at 6.3%.
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: