July 30, 2019 @ 14:25 by Richard Dawson
New analysis from wealth management firm Succession Wealth reveals that the average annual income for the North East is £15,809 – up 21.6 per cent from 2008.
The research looked at average incomes both by region and by local authority and noted that Kensington and Chelsea is the richest local authority in the UK, with an average income of £64,868.
Of the top ten richest local authorities, eight were in London and the other two in the South East, reinforcing the idea that economic activity is concentrated in the South.
The North East ranked as the second-bottom region in the UK for average incomes, with only Wales having a lower figure, £15,754.
That being said, the North East’s income growth was one of the highest in the UK, when compared with 2008.
Mark Stokes, group communications director for Succession Wealth, said: “Our research shows there remains a real divide in personal wealth across the UK, with those in London and the South East with the highest levels of income.
“However, it’s important not to overlook the fact that the cost of living in these two regions, such as housing, is significantly higher than in many other areas where income per head is lower.”