STOCKTON is the richest place in the North-East, according to new research by Barclays Private Clients.

The wealth management arm of banking company Barclays, estimates the average annual income of households in Stockton is £21,833, beating Northumberland (£21,027), Darlington (£20,838) and Newcastle (£20,098) into second, third and fourth place.

The lowest income area in the region is Redcar and Cleveland with an average income of £18,546.

None of the 13 areas in the North-East reached the national average of £23,338.

However, areas of North Yorkshire with an average income of £22,113, came close. York had an average income of £21,191.

However, the relatively poor showing of the North-East is not necessarily bad news for the region as it has the smallest divide between the richest and poorest areas of any region in England and Wales.

Stockton, the richest, has 94 per cent of the average national income and Redcar and Cleveland, the poorest, has 79 per cent of the national income.

The richest place in England and Wales was, unsurprisingly in London, with Kensington and Chelsea topping the table with an average income of £36,493. Westminster was next with £33,427.

Robin Longmore, of Barclays Private Clients, commenting on the research, said: "The figures must be put in context as the national average is skewed upwards by the high salaries in London and the South-East.

"Relatively speaking, places such as Stockton are quite affluent because the cost of living is much lower in the North, while many would argue the quality of life is much higher than in places like London and the South-East."

"The richest place in England and Wales is Kensington and Chelsea, in London, with an income of £36,493. However, with property prices in the capital averaging nearly £170,000 compared to the North's £60,000 any extra income in the capital can be used up in mortgage payments."

The survey was conducted on 5.7 million current account customers of Barclays.