The London Borough of Kensington and Chelsea has become the first area in the country to breakthrough the £100,000 barrier for average household income, according to the latest wealth survey by Barclays Premier Banking.

The average household earnings in the Royal Borough are now £101,600, an increase of 7% over the last year. The average earnings in the borough are more than £20,000 higher than its nearest challengers, the cities of London and Westminster (£81,425), followed by Hampstead and Highgate (£77,500).

Beaconsfield, in Buckinghamshire, is the wealthiest place outside of the capital with an average household income of £74,345, while the wealthiest place outside the South-East is Tatton in Cheshire, which ranks 13th nationally with an average income of £62,350.

The fastest growing wealthy area in the country is the Cotswolds; household incomes here increased by 9% over the last year to an average of £60,800.

Bret Packard, managing director of Barclays Premier Banking, says: “High incomes are no longer unusual in the UK. There are now one million individuals in the UK earning over £100,000 a year. The vast majority although cash rich, are time poor and are therefore increasingly looking for services that help them deal with important issues like their finances whilst they can devote that precious time to other things.”