West Midlands

West Midlands climbs two places in prosperity rankings.

Measure

Results

Household wealth:

£179,000

GDP:

£20,826

Unemployment:

5.5%

Household expenditure:

£454 per week

House prices

£170,636

Exam achievements

54.8%

Hours worked:

33.5

Earnings:

£25,746

Business births/deaths

1.55

Insolvency rates:

18.4 per 10,000 population

Millionaire numbers:

32,000

The West Midlands now ranks in seventh place, climbing two places. The region enjoyed the largest increase in average earnings in the UK, jumping 3.9% from last year to £25,746.

A buoyant housing market is contributing to prosperity, with the average house price at £170,636, the fifth highest in the UK. Prices have risen by 6% since last year, with only Eastern England seeing higher growth at 7%. Birmingham saw the biggest increase in house prices of the nine UK cities included in the research, at 8%.

GDP per capita has increased 1.6% to £20,826, though this is one of the smallest increases of any region in the UK – only Northern Ireland and East Midlands have experienced less growth.

Average household expenditure is one of the lowest, at just £454 a week – West Midlands is one of only three regions that’s seen weekly expenditure fall, with a decrease of 0.1%. Only the South West and North East also saw decreases, at 0.8% and 0.9% respectively.

Birmingham is booming when it comes to start-ups, with the highest business birth-to-death ratio of any in the UK at 1.81, outstripping London’s 1.78. At a regional level, London comes out top, but the West Midlands as a whole also ranks highly with a ratio of 1.55, possibly indicative of a ‘ripple effect’ from Birmingham at the region’s economic heart.

The number of millionaires in the West Midlands has increased by 10.3% since last year. There are now 32,000 millionaires in the region, 5.1% of all millionaires in the country and a 0.1% share increase on last year.

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: