Recently released figures have revealed more than 200,000 people living in the South West are millionaires.
The Office for National Statistics estimates there are 231,000 people in the region with a total wealth of £1m or more - made up of assets including savings, property and pension wealth, as well as the value of items such as antiques, artwork and vehicles.
As you may have guessed, those with a total wealth of £1m or more in the South West are well above the average for the region.
The typical household in the South West has a total wealth of £337,200. To be in the top 25 per cent in the region you need assets of £701,000 or more.
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One of the big contributors to personal wealth in the region are private pensions - the average household has assets of £120,600 in work and personal pensions.
The average household also has £137,000 in property wealth, although that rockets to an average £200,000 per household if you only include property owners.
There were 75 sales of houses worth £1m or more in Bristol in 2018, which almost certainly contributed to the number of local millionaires.
Households in the South West also had an average of £45,000 in physical wealth, such as collectibles, household items, and vehicles.
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The average amount held as financial wealth - such as savings or stocks and shares - was £9,500 per household.
The figures are based on responses to the ONS’s Wealth and Assets Survey received between July 2014 and June 2016, so the number of millionaires is more than likely to be even higher now.
The survey suggests the average person in Britain has around £6,700 in financial wealth, as well as £114,800 in pension wealth, and £36,500 in physical wealth.
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The average household has £95,000 in property wealth, or £175,000 if only taking property owners into account.
Overall, the ONS estimates there are a staggering 2.4m people with a net worth of £1m or more in Britain.
