Financial turmoil hits number of UK millionaires but private Scots wealth rises

A slump in commodity prices and a slowdown in China has also contributed the headcount of the UK country’s wealthiest citizens.

Llatest figures provided by Barclays Wealth, which are based on house prices, pay and the percentage of households giving to charity, show that the number of adults in Britain who are a millionaires is down from the one in every 65 a year ago to one in every 67 today.

That means that there are now 690,000 people worth at least seven figures in the UK now compared with the 715,000 enjoying the status a year ago.

The research, conducted before the Brexit vote, also showed that Scotland led the UK in terms of increase in household wealth, although every region was found to be more prosperous than last year.

But the total north of the border rose by 13 per cent over the past 12 months.

Scotland rose in the UK prosperity rankings to seventh position on the results, behind the east Midlands, Northern Ireland, south west England, eastern England, the south east and London.

The rise may be down to the large increase in private pension wealth in particular, where the average increased by 60 per cent, compared with 24 per cent for Wales and 19 per cent for England.

North east England emerged as the least prosperous region, although Barclays noted an “impressive” six per cent increase in average annual earnings, reaching £24,748.