A recent report by Barclays Banking suggests the number of millionaires in Scotland has increased by almost 20 per cent in the past two years.
Around 40,000 individuals now boast net wealth exceeding £1 million – a definite increase from the 34,000 at the end of 2008, and it’s set to rocket by 2020. New evidence indicates Scotland will see a 38% jump in millionaires by the end of 2020, higher than any area other than the north-east of England. That will mean 56,000 Scots millionaires by 2020, leading the country to outstrip the rest of the UK.
Scottish celebrities including Susan Boyle and Paolo Nutini have helped put the nation on the millionaire map, along with a new generation of young entrepreneurs. Their rising fortunes mean that Scotland has the highest percentage of millionaires outwith London and south-east England.
Mark Little, managing director of Barclays Wealth Private Bank Scotland and Northern Ireland, said:
“Despite one of the deepest recessions ever experienced by this country, these findings indicate that wealth creation is starting to recover in Scotland and this is set to continue at a steady pace. We are hopeful that this will help contribute to the wider economy, and boost regional growth in Scotland in the coming years.”
The report highlights the fact that Scottish business has become a key area of growth in the last five years, with the number of businesses in the country growing by 1.8% despite the effects of the economic downturn.
Donald Morris, one of Edinburgh’s most affluent individuals, told us what he thought about the rise of “millionaire’s row” in our online TV bulletin.
An impressive reputation for Scotland; as a nation, we’re definitely in the money!