Rise in Wales' near millionaires

Royal bankers Coutts reveal the new wealth of Wales

There may be over 4,400 potential millionaires in Wales, according to a new financial survey.

Royal family bankers Coutts & Co say that rural areas in Wales have seen a massive rise in potential millionaires in the last 12 months.

The bankers define this new breed as those with property, investment and business interests capable of taking them into the £1m plus class.

Llandudno has experienced a 20% rise in potential millionaires and Llandrindod Wells boasts a 17% one.

Credit experts Experian produced the figures on behalf of the private bank which was a particular favourite of the Queen Mother and which handles other royal accounts.

The survey underlines that although the majority of potential millionaires still live in Cardiff, it is these rural areas that are seeing the real growth.

Harry Lewis, senior private banker at Coutts' Welsh office, commented: "Our research suggests that the uplift in personal wealth illustrated in Wales over the last 12 months is set to continue, placing Wales well and truly on the UK's personal wealth map.

"This is of particular note in rural Wales, where our research shows the largest proportionate upturn in numbers of wealthy residents.

"Our existing Coutts clients in Wales often talk of how increasing property prices in the cities are persuading them and their peers to look to buy homes further afield.

"There are increasing numbers of wealthy people who are making their money in the cities but choosing to live in rural areas of Wales, where housing represents better value for money."

Coutts say most aspirant millionaires are company owners and directors or partners in professional practices. However, there also are increasing numbers of the younger rich moving into the aspirant millionaire category, including media and sports personalities.

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The cities of Cardiff and Newport areas have the largest proportion of aspirant millionaires. In Cardiff 2,229 residents fall into the aspirant millionaire category, 50% of the total aspirant millionaires in Wales.

Newport has 17% of Wales' aspirant millionaires (761 residents). Swansea has 15% of all aspirant millionaires (670 residents) and Llandudno holds 11% (522 residents).

Harry Lewis added: "In addition to the shift in profile of potential millionaires in Wales, we as a business 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."

Coutts say they conducted the research in order to get a feel for the new market and to measure its potential for their own business and the services they can offer.