How many millionaires are living in London?

The number of millionaires living in London has risen by 48% since 2010.

Latest figures from the Barclays UK Prosperity Map showed that there are 191,000 millionaires in the capital, more than the combined millionaire population of Wales, Scotland, Northern Ireland and Northern England.

The number of millionaires in the UK has shot up by 41% over the past five years thanks to booming house prices and stock market gains, Barclays reported.

However, of the 715,000 millionaires now living in Britain, nearly half (48%) of all new millionaires since 2010 live outside London and the South East.

Barclays prosperity index found that Reading, Cambridge and Birmingham are the most affluent cities outside of London, while the East of England is the third most prosperous area.

Surging property prices and big returns in equity markets in recent years have combined with higher wages and employment rates to create more millionaires as the UK economy gets back on track.

The research shows that every UK region is now more affluent than it was five years ago, with measures including household wealth, gross domestic product (GDP), exam results, charitable donations and entrepreneurship taken into account.

Akshaya Bhargava, chief executive of Barclays Wealth and Investment Management, said: "The UK is becoming more prosperous, with every region having grown in affluence since 2010.

"It is also encouraging to see that regions and cities are starting to close the gap with London in terms of prosperity; with the North East, for example, seeing business growth rates behind only London."

Cities ranked according to the prosperity index are:

The East of England is ranked third as rising house prices push more wealthy Britons outside of London, with 23,000 more millionaires now calling the East their home.

Reading is listed second for prosperity in the UK, according to the index, with average earnings of £30,562.

Growing numbers of entrepreneurs in the UK is also seen as another factor in increasing wealth, with Cambridge ranking third as it has emerged as a start-up hub.

Despite the jump in wealthy Britons over the past five years, the research said growth in millionaires is expected to return to more normal levels over the long term, with a 9% increase in the UK expected by 2025, in-line with GDP growth.