Kensington & Chelsea is the “richest” local authority area in the UK with residents earning three times the national average, according to a new analysis of government data.
Income in the borough — home to Sir Elton John and the Beckhams — is £64,868 per head of population compared with £19,514 nationally.
It is followed by the City of London where residents earn £57,259 on average, Hammersmith & Fulham (£56,492) and Westminster (£53,101), according to government data.
Despite the figures, Kensington & Chelsea and Westminster have pockets of deprivation and both councils have introduced a voluntary “mansion tax” through which wealthier homeowners can support other residents.
Eight of the UK’s 10 richest local authority areas are in London. The other two are both in the commuter belt — Guildford and Elmbridge.
The lowest earning boroughs in the capital are Barking & Dagenham (£18,655), Newham (£19,417) and Havering (£19,887). The analysis was conducted by independent wealth management firm Succession Wealth.
On a regional basis, London tops the list with an overall average income per head of £27,825. Wales has the lowest income per head of £15,754.
Out of the 380 local authorities in the country, Nottingham city council has the lowest income per head at £12,445. Mark Stokes, of 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.”
Read More
Richard Brown, of think-tank Centre for London, said even the most affluent boroughs have pockets of deprivation, such as Camden which is “part of the area with the highest productivity in the country, but also has a child poverty rate of 35 per cent.”
He added: “London incomes have risen by 27 per cent over 10 years, but housing costs have risen faster, increasing by more than 60 per cent in the same period.”
