Posted on Thursday 27 August 2015 by Ulster Business

Number of millionaires jumps 40 percent

The number of millionaires in Northern Ireland has soared by 40% since 2010, according to new research from Barclays.

The Barclays UK Prosperity Map shows there are now 14,000 millionaires living on these shores, some of whom have been lifted into the bracket by stronger stock markets and property prices over the last few years, according to Barclays Wealth Regional Director Jonathan Dobbin.

“Recovering house prices, albeit from a very low base, in Northern Ireland have created a significant increase in new millionaires, and this number is steadily increasing as we recover from our most recent recession,” he said. “A strong rebound in global stock markets since the nadir in 2008 has also been an important factor, whilst there has also been an increase in the number of M&A transactions, which has, in some cases, created significant personal wealth for shareholders.”

While the number of millionaires here is impressive, it is dwarfed by the 191,000 based in London – more than the combined millionaire population of Wales, Scotland, Northern Ireland and Northern England

Meanwhile, the report also places Northern Ireland sixth of all 12 UK regions when it comes to affluence and top of the list when it comes to philanthropy with 45% of households giving to charity.

 The research found average gross pay stood at £21,740 here, GDP per person stood at £16,127, average weekly expenditure stood at £484.70 and that we worked 31.7 hours.

The Barclays UK Prosperity Map uses factors including numbers of millionaires, average annual pay, the percentage of households giving to charity, business survival rates and exam scores to generate a unique ‘Prosperity Index Score’ for each UK region. These factors provide a deeper view of regional financial health than single measures of wealth such as assets, investments and the location of luxury services and make it possible to predict the UK’s next most prosperous areas.

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