Barclays Premier Banking reports Kensington becomes first place in UK with annual income above £100,000

Released on: September 18, 2007, 7:54 am

Press Release Author: Andrew McDougall

Industry: Financial

Press Release Summary: Barclays Premier Banking survey shows that The London Borough of Kensington and Chelsea has become the first place in UK where the average annual income is above £100,000

Press Release Body: The London Borough of Kensington and Chelsea has become the first area in the country to breakthrough the £100,000 barrier for average household income according to the latest wealth survey by Barclays Premier Banking, the personal banking service for affluent customers. 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).

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 (http://www.barclays.co.uk/premier/), 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 (http://www.barclays.co.uk/premier/), which helps with financial planning and has personal managers available at all times, come in."

Notes to editors:

About Barclays Premier (http://www.barclays.co.uk/premier/) Banking:
Barclays Premier Banking is a comprehensive personal banking (http://www.barclays.co.uk/premier/) service aimed at customers with earnings over £100,000 or with over £50,000 of assets to invest.

Premier banking is designed for high earners, which offers personalised banking services. Customers receive their own bank manager, who is locally based and on hand to deal with their financial needs to make banking as effortless as possible. Premier banking currently has approximately 270,000 clients.

About Barclays:
Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the USA, Africa and Asia.

Barclays is one of the largest financial services companies in the world by market capitalisation. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 127,000 people. Barclays moves, lends, invests and protects money for over 27 million customers and clients worldwide.

Web Site: http://www.barclays.co.uk/premier/

Contact Details: Barclays PR contact:
Andrew McDougall,
Retail Banking PR Manager,
Barclays,
1 Churchill Place,
London,
E14 5HP,
+44 (0)20 7116 6159