Product category:
Banking / credit / debt
News Release from: Barclays Group | Subject: Banking
Edited by the Insidemoneytalk Editorial
Team on 27 August 2007
Kensington becomes first place in
country to have annual income above
£100,000
Kensington and Chelsea have become the first area in the country to breakthrough the £100,000 barrier for average household income according to the latest survey by Barclays Premier Banking
The average household earnings in the Royal Borough are now £101,600, an increase of seven per cent over the last year The average earnings in the borough are over £20,000 higher than its nearest challengers, the cities of London and Westminster (£81,425) followed by Hampstead and Highgate (£77,500)
This article was originally published on Insidemoneytalk on 22 Feb 2007 at 8.00am (UK)
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Beaconsfield, in Buckinghamshire, is the wealthiest place outside of the capital with an average household income of £74,345 whilst the wealthiest place outside the south-east is Tatton in Cheshire, which ranks 13th nationally with an average income of £62,350.
The fastest growing wealthy area in the country is the Cotswolds; household incomes here increased by nine per cent over the last year to an average of £60,800.
Bret Packard, managing director of Barclays Premier Banking, said: "Kensington has always been a mecca for the wealthy in London, but this is a first even for that wealthy borough.
No doubt the influx of high earners not just from the UK but from overseas has had a positive impact on average incomes.
"However, high incomes are no longer unusual in the UK.
There are now one million individuals in the UK earning over £100,000 a year.
The vast majority although cash rich, are time poor and are therefore increasingly looking for services that help them deal with important issues like their finances whilst they can devote that precious time to other things.
That's where services like Barclays Premier Banking, which helps with financial planning and has personal managers available at all times, come in." Barclays Premier Banking is a comprehensive personal banking service aimed at customers with earnings over £100,000 or with over £50,000 of assets to invest.
To find out more telephone 0800 085 1115 or go to www.barclays.co.uk/premier.
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