Kensington becomes first place in country to have annual income above £100,000

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, 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, which helps with financial planning and has personal managers available at all times, come in.”