The number of sterling millionaires in Britain has fallen to its lowest level since the 2008 global financial crisis, according to new figures released Tuesday by the Adam Smith Institute.
The think tank's latest Millionaire Tracker, based on updated data from the Office for National Statistics (ONS), estimated that Britain now has 442,000 sterling millionaires, down 7 percent from 2024.
The institute attributed the decline to falling real asset prices, a low household savings rate and the emigration of high-net-worth individuals.
"Millionaires are leaving the UK for a number of reasons, including high levels of current taxation, threats of further increases (including a wealth tax), the abolition of the non-dom regime, and a culture which is hostile to wealth creators," the institute said in its report.
Mitchell Palmer, an economist at the institute, said the decline should be seen as "a warning signal."
He said every millionaire that leaves means less capital for British businesses, fewer international connections, and weaker entrepreneurial spirit in the economy.
He warned that proposals such as introducing a wealth tax or aligning capital gains tax rates with income tax would further accelerate the outflow of wealth, and called instead for policies that encourage ambitious individuals to build and retain their wealth in Britain.
Number of UK millionaires falls to lowest level since global financial crisis
