MILLIONAIRES’ CLUB GROWING FAST IN THE EAST MIDLANDS - Leicester has highest proportion of potential millionaires per head 49% increase over the last 12 months
07 May 2003
Increasing numbers of people in the East Midlands1 are now ‘aspirant millionaires’ – those whose earnings and assets exceed what could be acquired from a salaried position - according to Coutts & Co, the UK’s leading private bank..
Latest figures2, produced by Experian on behalf of Coutts, reveal that the East Midlands now boasts over 10,0003 potential millionaires – which amounts to 0.34% of the 3.1 million adults living in the region. In fact, this is a rise of 49% on the previous twelve month period.
“The number of prospective millionaires is really growing in the region and many of these people have the potential to make fully fledged millionaire status from their assets if they obtain proper financial advice in time,” said David Fletcher, senior private banker with Coutts’ East Midlands office based in Nottingham.
Most aspirant millionaires are company owners and directors or partners in professional practices, says Coutts. However, there are also an increasing number of the younger rich moving into the prospective millionaire category, including city high fliers and media and sports personalities.
Where are the aspirant millionaires?
Interestingly, the Leicester area has the largest proportion of potential millionaires: some 0.44% of the 669,438 residents fall within the aspirant millionaire category – which is over a quarter (28%) of the total aspirant millionaires in the East Midlands as a whole. In Northampton, 0.41% of the residents (441,646) have would-be millionaire status – 17% of all aspirant millionaires in the East Midlands.
David Fletcher continued: “Not only are the numbers of potential millionaires in the region moving upwards, we are also seeing a significant shift in the profile of our clients. Our typical client is now much more likely to be a self-made entrepreneur than someone with inherited wealth; a trend which we think is set to continue.
“The single most important thing for people in this category to remember is to get sound and trusted advice on how to manage their money – especially as many have worked hard for many years to earn it.”
Other findings:
Nottingham - 0.34% of the population, or 2,568 individuals, have aspirant millionaire status or nearly a quarter (24%) of all potential millionaires in the entire East Midlands region.
Derby - 0.25% of the population, or 1,123 individuals, have aspirant millionaire status or over a tenth (11%) of all would-be millionaires in the entire East Midlands region.
Lincoln - 0.12% of the population, or 237 individuals, have aspirant millionaire status or 2% of all prospective millionaires in the entire East Midlands region.
For further information, please contact:
Anita Saunders, Public Relations Manager, Coutts Group on 0207 957 2427 or mobile 07970 001149, or e-mail anita.saunders@coutts.com.
Notes to editors:
1The East Midlands is classed as a Government Office Region. Government Office Regions are defined by the Government and details of these can be found at http://www.government-offices.gov.uk/GO/default.asp.
2The statistics were produced using the Financial Strategy Segments which classifies all 44 million adults in GB into thirty one distinct financial lifestyle types. This is compiled using the GB Postcode Mosaic and the Person Pixel.
3Actual figure is 10,507.
Top five individual regions within towns and cities with the largest penetration of aspirant millionaires:
|
Postal sector and names of region |
Percentage of residents within postal sector with aspirant millionaire status |
Actual number of residents within postal sector with aspirant millionaire status |
Increase of aspirant millionaires within entire region over past 12 months | |
|---|---|---|---|---|
|
Leicester |
LE2 2 Stoneygate |
8.8% |
365 |
61% |
|
N’hampton |
NN6 8 Cottesbrooke/Ravensthorpe |
4% |
127 |
59% |
|
Nottingham |
NG12 4 Tollerton |
3.7% |
139 |
47% |
|
Derby |
DE22 5 Kedleston |
8.4% |
68 |
50% |
|
Lincoln |
LN8 6 Binbrook |
0.44% |
9 |
13% |
Notes to editors:
1. Coutts & Co is the UK private banking arm of the Coutts Group, an international private banking group owned by The Royal Bank of Scotland Group.
2. The Coutts Group manages the wealth of 75,000 high net worth clients from a network of 23 offices in the UK and 14 internationally.
3. The Coutts Group is one of the largest fund of hedge fund managers in Europe.
4. Coutts offers clients a range of products and services covering sophisticated investment products together with expertise in trust and fiduciary services and UK tax and banking services.
5. Coutts & Co was the first UK private bank to introduce an Internet banking service.
6. Coutts & Co is authorised and regulated by the Financial Services Authority. Registered in England No. 36695. Registered office: 440 Strand, London WC2R 0QS.