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The Independent UK
The Independent UK
National
Karl Matchett

Why the number of UK millionaires has fallen to its lowest level since 2008

United Kingdom
  • The number of millionaires residing in the UK fell last year to its lowest level since 2008, decreasing by 7 per cent from 2024 to 442,000.
  • Reasons for this decline include falling asset prices, high net-worth individuals leaving the UK and a reported low household saving rate.
  • The figures come from an index tracker run by the Adam Smith Institute (ASI), which uses what it terms “constant prices” to adjust for the impact of inflation and exchange rates.
  • The ASI calls for the government to make policy changes “including abolishing inheritance tax , phasing out Capital Gains Tax and reforming the non-doms tax regime”.
  • Mitchell Palmer, economist at the Adam Smith Institute, said: “Every millionaire that leaves means less capital for British businesses, fewer international connections, and weaker entrepreneurial spirit in the economy.”

IN FULL

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

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