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The ingenuity of entrepreneurs is making the UK a richer place

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London and the South East accounted for 52 per cent of the new millionaires, with Reading being the most prosperous city in the UK after the capital. It was closely followed by Cambridge.

It said property prices and business success were the biggest factors in making money, with startups playing a major role.

The East Midlands is a good example, it said. The millionaire population of the Midlands has swelled by 36 per cent to 57,000 since 2010. This surge has been driven by cities Derby, Leicester and Nottingham. Nottingham has seen a growing number of businesses in the life-sciences sector take root in the city, helped in part by various business incubator schemes – including BioCity, the UK’s largest bioscience incubation centre.

Eastern England has seen a 33 per cent rise in the number of millionaires over the period due to Cambridge. It was recently ranked as one of the top three “technology innovation ecosystems” in the world by the international MIT Skoltech Initiative and is known as Silicon Fen.

Paul Swinney of Centre for Cities, said: “Cambridge definitely has a thriving tech community and is continuing to show signs of growth. Yet the city is small, so in order to rival with the likes of London, expansion is key. Cambridge needs to allow people from outside of the city to access its prosperity, also allowing for new houses and commercial spaces to expand.”

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The South West now has 59,000 millionaires up from 42,000. 

Craig Jamieson, regional director of Dorset at Barclays Wealth and Investment Management, attributed this high level of prosperity to the strong startup scene in the region, with 25,640 businesses having been started in the region during 2013. 

“We’re seeing many more people choosing to set up businesses in the South West, both as a lifestyle choice, but also as a result of the thriving entrepreneurial environment that is emerging here,” he said. “Bournemouth in particular is following the Silicon Fen model in Cambridge, with Bournemouth University fostering a number of tech and digital media start-ups Silicon Beach is now gathering pace and Bournemouth was recently named the UK’s tech startup capital by Tech Nation.” 

Scotland was also praised for its entrepreneurial spirit.

Barclays expects the national growth in millionaires to continue with a ten year forecast to 2025 of 778,000 people with bulging bank accounts.

However, it acknowledged that this growing prosperity is still not spread evenly across the UK, with some regions still recording high unemployment and insolvency rates.

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