STEADY INCREASE IN POTENTIAL MILLIONAIRES IN LANCASTER

16th April 2004

  • Lancaster sees 10% increase in potential millionaires over 12 months
  • Bowness-on-Windemere top area for future millionaires

Increasing numbers of people in Lancaster1 are now ‘aspirant’ or potential millionaires – those whose earnings and assets exceed what could be acquired from a salaried position – according to Coutts & Co, the UK’s leading private bank.

Latest figures2 produced by Experian on behalf of Coutts, reveal that Lancaster is a rising pocket of wealth demonstrating a 10% rise in the number of potential millionaires in the region in the last 12 months.

"The number of prospective millionaires is really growing in the region and many of these people have the potential to make fully fledged millionaire status from their assets if they obtain proper financial advice in time," said Ian Booth, Coutts private banker for the Lancashire region.

The research has found that the majority of aspirant millionaires are company owners and directors or partners in professional practices, says Coutts.

Where are the aspirant millionaires?

Milnthorpe is the most popular area for potential millionaires, housing almost 14% of the regions total. This is closely followed by Arneside (12.1%), Troutbeck (9.1%), Bowness-on-Windemere (8.1%) and Burton-in-Kendal (7.8%).

Ian Booth continued: "Not only are the numbers of potential millionaires in the region moving upwards, we are also seeing a significant shift in the profile of our customers. Our typical client is now much more likely to be a self made entrepreneur than someone with inherited wealth; a trend which we think is set to continue.

"The single most important thing for people in this category to remember is to get sound and trusted advice on how to manage their money – especially as many have worked hard for many years to earn it."

- ends -

Notes to editors:

For further information, please contact:

Claire Symonds, Press Officer, Coutts Group on 020 7957 2650 or mobile 07970 001149, or email claire.symonds@coutts.com (Calls may be recorded).

1 Lancaster is classed as a Government Office Region. Government Office Regions are defined by the Government and details of these can be found at http://www.government-offices.gov.uk/GO/default.asp.

2 The statistics were produced using the Financial Strategy Segments which classifies all 44 million adults in GB into thirty one distinct financial lifestyle types. This is compiled using the GB Postcode Mosaic and the Person Pixel.

Top five individual regions within towns with the largest penetration of aspirant millionaires:

Postcode and names of region

Percentage of residents within postcode with aspirant millionaire status

Actual number of residents within postcode with aspirant millionaire status

Lancaster

LA 7 7 Milnthorpe

LA 5 0 Arnside

LA23 1 Troutbeck

LA23 3 Bowness-on-Windemere

LA 6 1 Burton in Kendal

13.7%

12.1%

9.1%

8.1%

7.8%

42

37

28

25

24

Coutts & Co is authorised and regulated by the Financial Services Authority. Registered in England no. 36695. Registered office 440 Strand, London, WC2R 0QS.