Number of millionaires in UK falls to lowest level since 2008 crisis

Number of millionaires in UK falls to lowest level since 2008 crisis. Money prefers silence but dislikes high taxes and a hostile atmosphere. When wealthy people start leaving a country, it is a signal not only for economists but also for policymakers. Every departing millionaire is not just a loss of capital but a drain on entrepreneurial energy, jobs and tax revenues. Britain, once seen as a haven for the rich, now risks being left without those who drive its economic engine.

According to new data released on Tuesday by the Adam Smith Institute, the number of sterling millionaires in the UK has fallen to its lowest level since the 2008 global financial crisis. The latest Millionaire Tracker report, based on updated Office for National Statistics (ONS) data, showed that there are currently 442,000 sterling millionaires in the UK, down 7 per cent from 2024. The institute attributed the decline to falling real asset prices, low household savings and the emigration of wealthy individuals. "Millionaires are leaving the UK for a number of reasons, including high current taxation, the threat of further tax increases (including a wealth tax), the abolition of the non dom tax regime, and a culture hostile to wealth creators," the report said.

Institute economist Mitchell Palmer said the decline should be seen as a "warning signal". He said every departing millionaire means less capital for British businesses, fewer international connections and a 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 rates would further accelerate the outflow of capital, and called instead for policies that encourage ambitious people to build and retain their wealth in the UK.

The UK has traditionally been one of the countries with the largest number of millionaires, but recent tax changes and economic uncertainty have had the opposite effect. The abolition of the non dom tax regime and discussions on a wealth tax are pushing wealthy individuals to seek more welcoming jurisdictions such as Switzerland, the UAE or Singapore.

As CCTV+ reports. Experts warn that if the trend continues, the UK could face a long term decline in investment attractiveness and competitiveness.