[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Wednesday, 14 May, 2003, 06:11 GMT 07:11 UK
Vale tops Wales rich list
Money
The survey compared salaries with cost of living

The Vale of Glamorgan is the richest place in Wales, according to new research.

The report, compiled by Barclays Bank, looked at the average salary in each area and compared it to the cost of living, including house prices.

The final figure found the Vale of Glamorgan, in south east Wales, the wealthiest part of Wales, with an average adjusted income of 34,350, (actual salary 23,564).

But, despite heading the Welsh chart, the Vale of Glamorgan is only the 29th wealthiest area in Wales and England.

In Wales, the Vale came ahead of Cardiff North on 33,433 (22,935), Monmouth on 32,606 (22,368) and Wrexham on 32,016 (21,963).

TOP 10 WELSH CONSTITUENCIES
Vale of Glamorgan 34,350 (23,564)
Cardiff North 33,433 (22,935)
Monmouth 32,606 (22,368)
Wrexham 32,016 (21,963)
Bridgend 31,841 (21,843)
Cardiff Central 31,124 (21,351)
Cardiff West 31,052 (21,302)
Alyn and Deeside 30,641 (21,020)
Newport West 30,389 (20,847)
Pontypridd 30,300 (20,786)

Blaenau Gwent was the least well-off area, with average adjusted earnings of just over 24,309.

At the top of the overall survey in Wales and England was Tatton in Cheshire - home of David and Victoria Beckham.

The study found the actual average wage in Tatton was 29,303.

But that was worth a "real" average income of 41,506 once the cost of living was taken into account, it said.

The highest average real salary is found in London's Kensington and Chelsea, but it only came third in the wealth index due to the higher cost of living in the UK capital.

BOTTOM 10 WELSH CONSTITUENCIES
Ynys Mon 28,026 (19,226)
Montgomeryshire 27,864 (19,115)
Torfaen 27,679 (18,988)
Neath 27,125 (18,608)
Conwy 26,853 (18,421)
Vale of Clwyd 26,844 (18,415)
Llanelli 26,743 (18,346)
Aberavon 26,673 (18,298)
Brecon and Radnorshire 26,434 (18,134)
Islwyn 26,378 (18,095)

A Barclays spokesman said its decision to take the cost of living into account, rather than just nominal wealth, had a major impact on the survey results.

Gordon Rankin, from Barclays Private Clients, said it showed that Wales was "much wealthier than at first thought".

"Much of this is probably down to the disparity in property costs which take up a much larger proportion of an individual's salary in south-east England than it does in Wales," he said.

He said this meant that Welsh people actually had, in many cases, a greater real disposable income.

Mr Rankin added that the greater disposable income in Wales could be a reason why house prices continued to rise, as people had more spare money that could be invested in property.

The Vale of Glamorgan and Cardiff North were the only two Welsh entries in the top 50 wealthiest places in England and Wales.

The Vale of Glamorgan is a largely affluent area near Cardiff on the south Wales coast - and includes the towns of Barry, Sully, Cowbridge, Llantwit Major and Rhoose.




SEE ALSO:
UK wealth gap yawns wider
07 Mar 02  |  Business


RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East | South Asia
UK | Business | Entertainment | Science/Nature | Technology | Health
Have Your Say | In Pictures | Week at a Glance | Country Profiles | In Depth | Programmes
Americas Africa Europe Middle East South Asia Asia Pacific