The big North-South divide has gone, according to research showing twenty-four out of fifty of the ‘real wealthiest’ areas in the country are now north of the Severn/Wash divide.

Researchers for Barclays Premier Banking combined salary and cost of living data to establish the actual value of disposable incomes across the regions. According to this, areas such as Daventry in the East -Midlands, Leeds North-East, Rushcliffe near Nottingham, Newcastle upon Tyne Central and Hexham in the North-East are amongst the real wealthiest places in the country.

There would have been more northern areas in the top 50, but the increase in house prices in the North-West and Yorkshire over the last two years has pushed up the cost of living in those regions relative to the rest of the country.

Kensington and Chelsea which is top overall has an average individual gross income of £50,438 (real income is the same, as London is used as the base number for cost of living), Cities of London and Westminster is second at £41,868 followed by Tatton in Cheshire with a real income of £41,466 (actual income £32,763).

Other leading areas outside London and the South-East include Sheffield Hallam with a real income of £39,697, Cotswolds (£38,295), Leeds North-East, Altrincham and Sale and Macclesfield all with real incomes of just over £37,000.

Mark Till, marketing director of Barclays Premier Banking, said: "Simply looking at earnings would tell you that it is London and the South-East that is paved with gold. However, this is not the only factor which determines how wealthy any individual actually feels."

"If the cost of living is factored into the equation to give a more realistic measure of purchasing power, the wealth map of England and Wales changes dramatically."

"With almost half of the top 50 areas in the north, the long held belief that you need to live in London and the South-East to earn a good living is blown away," Till said.