eBay has announced that the number of UK businesses taking a turnover of £1 million will have shot up by 25 per cent by the end of 2011.

The online auction site projects that there will be more than 150 million-pound businesses on eBay.co.uk's books before the year is out.

It seems that exporting is where the big bucks lie, with 98 per cent of 2011's eBay millionaires boosting sales by exporting goods overseas with two of the six-figure businesses achieving £1 million in sales by export alone.

Good for them

London has emerged as the top eBay millionaire hotspot with Birmingham coming in a close second, followed by Nottingham, Manchester and the wildcards of Wakefield and Southend-on-Sea.

"We've seen a surge of businesses starting up on eBay since the recession which shows the vital role online businesses play in supporting the fragile UK economy," said Angus McCarey, retail director for eBay UK.

"Many eBay businesses including some of our millionaires are selling offline as well so their total contribution to the UK economy is even more substantial."