Number of Scottish millionaires soars 41 per cent to hit 48,000

Figures obtained by Barclays show there are now 48,000 millionaires living in Scotland, which amounts to a 41 per cent increase since 2010.

The Barclays UK Prosperity Map also revealed a comparable rise throughout the UK over the past five years thanks to booming house prices and stock market gains.

There are now 715,000 millionaires in Britain compared with 508,000 in 2010, the bank said.

The research shows that every UK region is now more affluent than it was five years ago, with measures including household wealth, gross domestic product (GDP), exam results, charitable donations and entrepreneurship taken into account.

But nearly half, or 48 per cent, of all new millionaires since 2010 live outside London and the south-east.

Experts say the wealthy are being driven to the country by a healthy financial services sector and a “thriving” entrepreneurial scene.

The Barclays table ranks Scotland 10th out of 12 regions, with London in first place and Wales and the north-east trailing the table.

The index takes into account numbers of millionaires, average annual pay, the percentage of households giving to charity, business survival rates and exam scores.

Edinburgh and Aberdeen were ranked among the top UK cities for average earnings, with the financial and oil and gas sectors driving high wages.

Scotland’s average annual salary is behind only that of London and the south east at £23,626, according to the research.

Chris and Colin Weir are among Scotland’s newest millionaires after they won £161million on the Euro Millions lottery in 2013.

The increase has been mirrored throughout the UK, where the number of millionaires has increased by the same amount.

Experts say the UK-wide increase has been driven by booming house prices and returns in equity markets – in addition to higher wages and employment rates.

A surge in entrepreneurs in the country is also cited as a contributing factor, with third- place Cambridge particularly benefiting from the growth.

Longer-term, growth in millionaires is expected to return to more normal levels, with a 9% increase in the UK expected by 2025.

John Godfrey, a regional director of Barclays Wealth and Investment Management, said: “The 41% increase in the number of millionaires since 2010 has been driven by factors including a healthy financial services sector and a thriving entrepreneurial scene.

“Recently we have seen an increase in the number of clients in Scotland who have made their fortune by selling their businesses, having managed them successfully through the recession. We expect the Scottish entrepreneurial scene to c o nt i nue g o i ng from strength-to-strength in future.”