Six fastest growing rich hotspots are outside south-east

Nearly 68 per cent more people in High Peak - featured in the popular ITV drama Peak Practice - are earning over £60,000 a year (April 2004) than was the case in the previous year (April 2003). In Monmouth 66 per cent more were earning more than £60k compared to the year before, making them second fastest growing affluent area, followed closely by Cardiff North.

The top seven fastest growing affluent areas were all outside London with Manchester Withington fourth, Keighley in Yorkshire fifth, Watford in Hertfordshire sixth and Dartford , Kent seventh. The fastest growing affluent area in the Capital is Bethnal Green and Bow in eighth place, followed closely by Holborn and St Pancras in ninth. Coventry South made up the national top ten.

In terms of the percentage of the population that is earning over £60,000 per year Kensington and Chelsea came top nationally for the third year in a row with 16.6 per cent in 2004 compared to 12.5 per cent in 2003. The Cities of London and Westminster moved up in to second place with 14.2 per cent. The highest ranked area outside London and the South-east was Sheffield Hallam which moved up from 17th last year to 11th in 2004, with 11.8 per cent affluent (7.9 per cent in 2003).

Steven Mendel, business development director for Barclays wealth businesses said: “Despite the economy having gone through a period of slowdown, there has not been an equivalent slowdown in growth in numbers of affluent people with incomes continuing to push ahead. The most remarkable aspect is that the highest growth areas are now outside London. Desirable rural areas such as the Peak District and the English/Welsh borders are attracting ever greater numbers of the affluent who are choosing to live in the country whilst commuting to their well paid jobs in the large cities.”

Overall 29 areas in England and Wales have more than one in ten people earning over £60,000 per year, compared to just eight in 2003. Although London and the South-East dominate many of the top positions there has been an increase in the number of areas outside London and the south-east in the top 100, with 24 areas in 2004 compared to 21 in 2003.

Barclays Financial Planning incorporates Barclays Independent Financial Planning (BIFP) one of the largest IFA businesses in the UK, as well as Barclays’ tied advisers, Barclays Financial Managers (BFM).

For further information contact:
Emma Rees / Andrew McDougall
Barclays PR
Tel: 020 7699 2434/ 3534

Notes for editors

• The research base was Barclays eight million current account customers. With nearly 20 per cent of the current account market spread throughout England and Wales the data was interrogated to show the distribution of people earning over £60,000 per year.
• Affluentials Defined: Barclays own data mining and database technology is able to identify key trends in people’s spending, investment and savings habits. The name ‘Affluential’, best describes the 21st Century’s affluent whose spending power (income over £60,000 per year) gives them enormous power over setting trends and influencing the way we all live.
• Barclays Financial Planning incorporates the IFA business Barclays Independent Financial Planning and its tied advisers, Barclays Financial Management.

• Top thirty fastest growing areas for the affluent. A constituency has to have a minimum of five per cent of its total population to qualify to ensure the data is not skewed by small relative numbers.