That's rich! Scots millionaires club hits 40,000

The number of millionaires in Scotland has jumped by almost 20 per cent in the past two years.

Some 40,000 now boast net wealth exceeding 1 million, up from 34,000 at the end of 2008, with the number set to rocket in the next decade.

The rise in the fortunes of entertainers such as Susan Boyle and Paolo Nutini, along with a new generation of young entrepreneurs, means Scotland has the highest percentage of millionaires per head of population outwith London and south-east England.

The list includes all those with assets, including property and businesses, worth 1m or more.

Boyle, worth an estimated 11m after her rise to fame in 2009, is one of the new additions to a 7,000-strong group of Scots with more than 5m.

She will be joined on the list by the likes of fellow singer Nutini, whose wealth was estimated at 5m in 2010, and David Murray's nephew Richard, who co-owns a property company worth 3.9m.

Although the number of new millionaires in Scotland roughly mirrors the overall rise across Britain, a continued increase until 2020 is likely to lead to the country outstripping most of the rest of the UK.

According to the forecast by Barclays, Scotland will see a 38 per cent jump in millionaires by the end of 2020, higher than any area other than the north-east of England. That will mean 56,000 Scots millionaires by 2020.

Mark Little, managing director of Barclays Wealth Private Bank Scotland and Northern Ireland, said: "Despite one of the deepest recessions ever experienced by this country, these findings indicate that wealth creation is starting to recover in Scotland and this is set to continue at a steady pace. We are hopeful that this will help contribute to the wider economy, and boost regional growth in Scotland in the coming years."

Scottish business is a key area of growth in the report. Over the past five years, the number of businesses in Scotland grew by 1.8 per cent despite the effects of the economic downturn.

Scots also have the chance to spend their money in more luxury retailers than elsewhere. The number of high-end shops is 28 per cent higher than the UK average, and there are more luxury car dealerships per millionaire than anywhere else.

Guy Salter, from Walpole, a luxury industry group, said: "There is a small but very interesting group of wealthy Scots, especially in areas such as retail and technology, who are very active in London but who would never want to live anywhere other than Scotland."

Scotland also seems to have an appetite for luxury food, with more Michelin stars per millionaire than any other area.

Chef Martin Wishart said: "As people become more travelled, their expectations of the quality of products and services when they come home are more sophisticated in matching restaurants on the continent in terms of quality.We have always cooked well as a nation and the findings mark a continued trend in the increasing quality of the food on offer in Scotland."

The 2011 Barclay's Wealth Map shows Scotland has 1.34 millionaires for every 1,000 residents. London and the south-east has 2.12 per thousand.