MILLIONAIRES’ CLUB GROWING FAST IN TYNE TEES

· Over half of the region’s potential millionaires in Newcastle-upon-Tyne
· 32% increase in Tyne Tees over the last 12 months

Increasing numbers of people in Tyne Tees (1) are now ‘prospective 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 figures (2) produced on behalf of Coutts reveal that Tyne Tees now boasts over 4,000 (3) would-be millionaires.  This is a rise of 32% 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 Bob Dixon, senior private banker, from Coutts & Co’s office in Newcastle. 

Most potential millionaires are entrepreneurs, company owners and directors, or partners in law, accountancy and management consultancy firms, says Coutts.  However, there is also an increasing number of the younger rich moving into the would-be millionaire category, including media and sports personalities.

Where are the potential millionaires?
Interestingly, the Newcastle-upon-Tyne area has the largest proportion of potential millionaires.  Some 2,276 residents fall within the aspirant millionaire category - which is over half (55%) of the total aspirant millionaires in Tyne Tees as a whole.  Carlisle has 8% of all aspirant millionaires in Tyne Tees.

Cleveland and Durham fall into third and fourth places for the highest number of aspirant millionaires as a percentage of their residents.  These areas now account for 16% and 8% respectively of the total number of potential millionaires from the entire Tyne Tees region.

Bob Dixon added:  “Not only are the numbers of prospective millionaires in the region moving upwards, we are also seeing a significant shift in the profile of our clients.  The typical Coutts client is now much more likely to be a self-made entrepreneur than someone with inherited wealth, a trend that 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:
Darlington - has 6% of all potential millionaires in the entire Tyne Tees region
Sunderland - has 5% of all prospective millionaires in the entire Tyne Tees region.

Coutts & Co’s Newcastle office has been growing steadily since it opened five years ago. Coutts now manages over £100m of assets on behalf of clients throughout the North East of England, including Cumbria, Northumberland and the Scottish borders.

Notes:
1 Tyne Tees is classed as a Nielsen Survey area.  Nielsen Media Research is a leading provider of television audience measurement and related services, worldwide.  More information is available at www.nielsen.com.

2 The statistics were produced by Experian on behalf of Coutts & Co, using the Financial Strategy Segments which classifies all 44 million adults in the UK into thirty one distinct financial lifestyle types.  This is compiled using the UK Postcode Mosaic and the Person Pixel.

3 Actual figure is 4,114.

Top individual areas within towns and cities with the largest penetration of aspirant millionaires:

 

	Postal sectors and names of areas	Increase in aspirant millionaires within entire region over past 12 months
Carlisle	CA4 Warwick CA8 Fenton CA3 Knowefield CA4 Cumwhinton CA5 Dalston	9
Newcastle-Upon-Tyne	NE20 9 Ponteland NE44 6 Riding Mill NE3 4 Kenton 3 NE2 2 Jesmond West	41
Sunderland	SR6 Whitburn SR2 Ashbrooke Road SR2 Tunstall Hills SR3 East Herrington SR6 Seaburn	36
Cleveland	TS14 Guisborough West TS 7 Nunthorpe TS26 High Throston TS15 Kirklevington TS21 Bishopton, Middlesborough	22
Durham	DH1 Crossgate Moor,Birtley DH1 Elvet DH1 Shincliffe DH3 Great Lumley DH7 Lanchester	38
Darlington	DL2 Croft On Tees DL3 Blackwell DL2 Middleton St George DL2 Gainford DL3 Woodland Road	20

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.
Issued on behalf of the Coutts Group by Coutts & Co, which is authorised and regulated by the Financial Services Authority.

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