The Barclays UK Prosperity Map shows that the population of millionaires in the UK has shot up by 41% to 715,000 from 508,000 in 2010, with London having the highest concentration of wealthy individuals.
Booming house prices and returns in equity markets, in addition to higher wages and employment rates have resulted in more Britons reaching the milestone.
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The study found that 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.
The report says that nearly half (48%), of all new millionaires since 2010 live outside London and the South East.?
London and the surrounding South East are still the most prosperous areas of the UK. The increase in the capital’s house prices has contributed to the number of London millionaires growing by 48% in the past five years to 191,000.
After London, Reading is the most prosperous city in the UK, with average earnings of £30,562 and a strong business birth-to-death ratio.
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By GlobalDataThe east of England is ranked third of the regions, with 23,000 millionaires, as rising house prices push more wealthy Britons outside London.
According to the index, Reading is listed second for prosperity among cities with average earnings of £30,562. Growing numbers of entrepreneurs in the UK is also seen as another factor in increasing wealth, with Cambridge, which has emerged as a start-up hub, ranking third among cities.
The North East and Newcastle fall low on the prosperity index. But the study also showed the highest rate of growth in millionaires across the North East, alongside Wales, with a rise of 50% to 12,000 since 2010.
Longer-term, growth in millionaires is expected to return to more normal levels, with a 9% increase in the UK expected by 2025, in-line with GDP growth.
Barclays Wealth and Investment Management CEO Akshaya Bhargava said: "The results of the Barclays UK Prosperity Map give us reason for optimism. 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.
"We need to collectively support entrepreneurship and educational attainment in regions outside of London and the South East so that they continue to grow and prosper."
