Potential millionaires club growing fast in rural Wales

·Over 4,400 potential millionaires now living in Wales

·20% increase in aspirant millionaires in Llandudno

·17% increase in aspirant millionaires in Llandridnod Wells

Increasing numbers of people in Wales 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 figures¹ produced by Experian on behalf of Coutts, reveal that Wales now boasts over 4,400² aspirant millionaires, with rural areas seeing particularly sharp increases over the last 12 months.

Harry Lewis, senior private banker at Coutts’ Welsh office comments; “Our research suggests that the uplift in personal wealth illustrated in Wales over the last 12 months is set to continue, placing Wales well and truly on the UK’s personal wealth map. This is of particular note in rural Wales, where our research shows the largest proportionate upturn in numbers of wealthy residents.”

Harry continues “Our existing Coutts clients in Wales often talk of how increasing property prices in the cities are persuading them and their peers to look to buy homes further afield. Therefore there are increasing numbers of wealthy people who are making their money in the cities but choosing to live in rural areas of Wales, where housing represents better value for money. This research shows that the number of prospective millionaires is steadily growing throughout Wales and Coutts believes that many of these people have the potential to make fully fledged millionaire status from their assets if they obtain proper financial advice.”

In Coutts experience, most aspirant millionaires are company owners and directors or partners in professional practices.However, there also are increasing numbers of the younger rich moving into the aspirant millionaire category, including media and sports personalities.

Where are the aspirant millionaires?

The cities of Cardiff and Newport areas have the largest proportion of aspirant millionaires. In Cardiff 2,229 residents fall into the aspirant millionaire category, 50% of the total aspirant millionaires in Wales. Newport has 17% of Wales’ aspirant millionaires (761 residents). Swansea has 15% of all aspirant millionaires (670 residents) and Llandudno holds 11% (522 residents).

Harry Lewis added:“In addition to the shift in profile of potential millionaires in Wales, we as a business 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 which we think is set to continue.

“In financial terms the single most important thing for people in this category to remember is to get sound and trusted advice on how to manage and grow their money – especially as many have worked hard for many years to earn it. Coutts understands this well, which is why we conducted the research. As the UK’s leading private bank Coutts is ideally positioned to offer the full spectrum of wealth management services and products, ranging from banking and investments to offering high-level lending facilities.”

Other findings:

·Llandridnod Wells – 0.07% of the population or 27 individuals have aspirant millionaire status.This is 0.6% of all aspirant millionaires in Wales.

·Llandudno – 0.13% of the population or 522 individuals have aspirant millionaire status.This is 11% of all aspirant millionaires in Wales.

·Swansea – 0.12% of the population or 670 individuals have aspirant millionaire status.This is 15% of all aspirant millionaires in Wales.

Notes to editors:

¹ The 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.

² Actual figure is 4426.

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

Issued by Coutts & Co, which is authorised and regulated by the Financial Services Authority. Telephone calls may be recorded