Millionaires club growing fast in the West Midlands
- Birmingham and Coventry have highest proportion of aspirant millionaires per head
- 56% increase over the last 12 months
Increasing numbers of people in the West 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 West Midlands now boasts over 18,0003 aspirant millionaires, a rise of 56% 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 Robin Potter, senior private banker from Coutts’ West Midlands office.
Most aspirant millionaires are company owners and directors or partners in professional practices, says Coutts.However, there are also increasing numbers of the younger rich moving into the aspirant millionaire category, including city high fliers and media and sports personalities.
Where are the aspirant millionaires?
The Birmingham and Coventry areas have the largest proportion of aspirant millionaires. In Birmingham, some 7,580 residents fall into the aspirant millionaire category, almost half (42%) of the total aspirant millionaires in the West Midlands as a whole. Coventry houses 18% of aspirant millionaires with 3,178 people falling into this category.
Robin Potter added:“Not only is the number of aspirant millionaires in the region moving upwards, we are also seeing a significant shift in the profile of our customers.Our typical 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:
- Dudley – has 8% of all potential millionaires in the West Midlands region.
- Wolverhampton – has 6% of potential millionaires in the West Midlands region.
- Walsall – also has 6% of potential millionaires in the West Midlands region.
Coutts & Co’s Birmingham office has been growing steadily since it opened nine years ago. It currently manages almost £335.5 million assets on behalf of clients throughout the West Midlands region, including Birmingham, Coventry, Wolverhampton and Walsall.
Notes:
1 The West 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
2 The statistics were produced using the Financial Strategy Segments, which classifies all 44 million adults in Great Britain into thirty one distinct financial lifestyle types.This is compiled using the GB Postcode Mosaic and the Person Pixel.
3 Actual figure is 18,009.
Top five individual regions within towns and cities with the largest penetration of aspirant millionaires:
|
|
Postcode and names of region |
Percentage of residents within postcode with aspirant millionaire status |
Actual number of residents within postcode with aspirant millionaire status |
Increase of aspirant millionaires within entire region over past 12 months |
|
Birmingham |
B94 Tanworth-In-Arden B15 Chad Valley B94 Hockley Heath B91 Sharmans Cross B74 Streetly |
10.4% 9% 6.8% 6.1% 5.7% |
268 324 185 545 407 |
69% |
|
Coventry |
CV4 Canley/Warwick University CV35 Claverdon/Barford CV35 Hatton/Leek Wootton CV7 Berkswell/Meriden CV32 Milverton Warwick |
8.6%
6.5% 5.3% 3.6% 2.9% |
264
292 146 244 171 |
49% |
|
Dudley |
DY7 Enville DY8 Old Swinford DY9 Hagley DY3 Himley DY7 Kinver/Stourbridge |
7% 5.5% 4% 3.6% 3.5% |
78 246 305 47 117 |
40% |
|
Wolverhampton |
WV6 Tettenhall WV5 Upper Aston WV8 Oaken WV5 Wombourne WV16 Bridgenorth |
3.8% 2.4% 2.2% 1.4% 1.3% |
315 37 70 67 30 |
57% |
|
Walsall |
WS14 Shenstone WS5 Wren’s Nest WS14 Whittington/ Lichfield WS4 Norton Canes WS9 Aldridge |
3.7% 3.6% 2.1% 1.8% 1.3% |
112 269 193 59 89 |
85% |
For further information please contact:
Claire Symonds, Press Officer, Coutts Group on 020 7957 2650 or mobile 07970 001149, or email claire.symonds@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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