The number of millionaires in the UK, measured in pounds sterling, has decreased to a record low since the global financial crisis of 2008. This is evidenced by the results of a study by the British Adam Smith Institute:
According to the study, there are about 442 thousand pound millionaires living in the UK, which is 7% less than the figures from 2024:
Researchers explain the situation by rising interest rates, a lack of confidence in the British economy, low savings levels, and an increasing reluctance of wealthy individuals to live or relocate to the UK:
Mitchell Palmer, a representative of the Adam Smith Institute, stated that the decline in the number of millionaires should be viewed as a “warning sign.” “Every departing millionaire means less capital for British businesses, fewer international connections, and a weaker entrepreneurial spirit in the economy,” he said:
The analytical center warned that a potential wealth tax could accelerate the outflow of wealthy individuals even further. UK Prime Minister Andy Burnham had previously stated that “work is excessively taxed, while wealth is insufficiently taxed” and did not rule out the introduction of such a tax:
High interest rates and the proposed tax on expensive properties have also negatively impacted the high-end real estate market. Since 2022, the number of homes valued at over £1 million in the UK has decreased by 9%, reaching 673 thousand:
