These Are The U.K. These Are The U.K.’s Most Wealthy Cities

It will not surprise anyone to learn that the majority of wealthy people in the U.K. reside in London. Many people would not know where the next richest city or town is.

This is due to the huge distance between London and other cities in the U.K. According to New World Wealth, a wealth research firm, London has 10,760 “multi-millionaires,” or those with more than $10 million. Manchester, which is the next largest city, only has 1 060 multi-millionaires.

Add all the multi-millionaires from the four wealthiest U.K. cities and you’ll find that they are not even close to London. Together, London’s multimillionaire population is a fifth larger than that of Manchester (1,060), Edinburgh (420), Birmingham (310), and Bristol (340).

Even worse is the centralization of wealth in the U.K. when you consider the small towns and villages that have less than 30,000 inhabitants, such as New World Wealth. 16 of the 20 richest U.K. towns are located in the south east. Windsor, home to 250 multi-millionaires and the wealthiest town in Britain, is also home to other wealthy towns in Berkshire Surrey Oxfordshire Buckinghamshire.

These historic towns are located within an hour of the capital. With 220 multi-millionaires, Ascot is the nearest city with more multi-millionaires than Windsor. The top 10 remaining multi-millionaires are located in the south east: Virginia Water, Leatherhead and Henley; Marlow Bray, Beaconsfield, Cookham, Marlow Bray and Beaconsfield.

To find a village or town that isn’t in the south east, you must get to the 15th place. Alderley Edge in Cheshire has 40 multi-millionaires. Other places not in the southeast include Hale, Trafford and Salcombe in Devon. Sandbanks in Dorset is another.

Technology Challenges London’s Dominance

Technology is spreading wealth outside of London to other regions of the U.K., says Ben Covey of Santander’s Private Banking.

John-Paul Savant’s business, ATG (Auction Technology Group), assists regional auction houses to sell their wares online. He adds that there is a whole network supporting each auction house.

Julian Bambridge is the CEO of MPM, a Manchester-based premium pet food company. He says that technology has accelerated the growth of talent. We can find many people in the digital space who are willing to help us. It was difficult ten years ago. Today, there are many more things going on.”

Is there a difference between free broadband and paid broadband?

Broadband internet clearly has helped some businesses that are not located in the south east. This has been a major debate in British politics over many years. The ruling Conservative Party announced last month that they would provide full-fibre broadband to all homes in the country.

However, Labour Party went even further on Friday. announced free broadband internet for all homes and businesses, if it wins December 12th’s general election. John McDonnell, Labour shadow chancellor, stated that the plan would allow businesses to thrive in rural and coastal regions.

McDonnell stated that Labour’s model is based upon South Korea. A national broadband program has enabled 95.1% to have the fastest internet connection in the world through the country’s network.

This will not ensure the spread of wealth within the U.K., however. According to Andrew Amoils, who compiles the New World Wealth figures for South Korea, Seoul is the only other developed country with such high wealth.

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