Britain's Millionaire Count Falls to Lowest Since 2008

Research by the Adam Smith Institute shows that the number of net‑worth millionaires in the United Kingdom fell to about 442,000 in 2025, a 7 % drop from the previous year and the lowest level since the 2008 financial crisis. The Institute’s Millionaire Tracker counts individuals with assets of £1 million or more, adjusted to constant 2025 prices.

The decline is attributed to three main factors: falling real asset values, persistently low household savings, and the continued emigration of high‑net‑worth individuals. High overall taxation, the abolition of the non‑dom tax regime and the prospect of a wealth tax are cited as additional drivers, creating a hostile environment for wealth creators. Mitchell Palmer of the Institute warned that “there has [also] been a well‑documented trend of high net‑worth individuals either leaving Britain or no longer choosing to move here.”

Officials such as Prime Minister Andy Burnham and former Prime Minister Sir Keir Starmer have highlighted concerns that the shrinking millionaire base could erode the tax base, reduce capital for British businesses and increase fiscal pressure on lower‑income households.