MONMOUTHSHIRE is the second richest area in Wales based on average income, according to a new report.

In fact, the whole coastal area from Barry up to Monmouth, and a smaller area around Wrexham, are the wealthiest.

The lowest income is recorded in Blaenau Gwent, with an average of £16,209. The conclusions are made in research by Barclays Private Clients, the wealth management arm of Barclays.

The Vale of Glamorgan, with an average income of £22,854, tops the rich list followed by Monmouthshire (£22,275), Cardiff (£21,311) and Bridgend (£20,891). Wrexham is fifth with an average income of £20,645.

The wealthiest places in north Wales are around Wrex-ham, Flintshire (£20,203) and Anglesey (£18,666).

Michael Pinder, managing director of Barclays Private Clients Premier Banking, 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 the Vale of Glamorgan and Mon-mouthshire are quite affluent because the cost of living is much lower than in the South-East of England while, many would argue, the quality of life is much higher.

"For example, average property prices in Wales are around £70,000 whereas in London they are closer to £170,000.

"It doesn't take much working out that the cost of buying property has a major impact on the relative wealth of people up and down the country."

Barclays Private Clients looks after more than one million clients in nearly 200 countries around the world.

Its core services are financial planning, banking and investment management, provided through more than 1,350 relationship managers.

The richest place in England and Wales is Kensington and Chelsea, in London, with an average income of £36,493.

The average income across both countries is £23,338.