Sheffield companies' turnover just the business

Steel City's small and medium sized businesses have seen impressive turnover up 11 per cent.

Prosperity increasing nationwide
Prosperity increasing nationwide

The positive trend features in Barclays Prosperity Map that studied the year to April, ranking 12 UK areas based on factors such as house prices, charitable giving, working hours and gross domestic product.

But, while prosperity in the UK is on the up with spending, earnings and wealth increasing nationwide, Yorkshire and Humberside only ranks ninth among the dozen regions.

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The North East was ranked lowest overall, but still recorded a 6 per cent rise in annual average earnings, reaching £24,748.

London tops the list but other areas are emerging. Scotland saw a 13 per cent growth in household wealth, as opposed to the 12 per cent in the UK capital.

The study also found that charitable giving is not necessarily linked to wealth. Despite being placed sixth in the prosperity table, Northern Ireland is the country’s most charitable region, with 45 per cent of households giving to good causes - well ahead of the national average of 29 per cent. The South West, South East and East of England are also notable in their donating.

The number of millionaires in the UK has also increased, by 41 per cent in past five years. Rising from 508,000 in 2010 to 715,000 this year, London and the South East account for over half (52 per cent) of the total new millionaires.