UK MILLIONAIRE COUNT FALLS TO LOWEST SINCE 2008

The number of millionaires residing in the UK declined to 442,000 in 2025, representing a 7 per cent fall from the previous year, according to figures from the Adam Smith Institute. The figure marks the lowest level recorded since 2008. The decline reflects falling asset prices, departures of high-net-worth individuals from the UK, and a reported low household saving rate, the think tank stated.

The Adam Smith Institute tracker adjusts official National Office for Statistics data for inflation and exchange rate movements using what it terms "constant prices". The institute defines a constant-price sterling millionaire as someone holding assets exceeding £1m across real and financial asset classes, including property, stocks, investments, pensions and savings. The Adam Smith Institute, a free-market research organisation, has called for the UK to become "a more attractive place for high-net-worth individuals" and recommended policy changes including abolishing inheritance tax, phasing out Capital Gains Tax and reforming the non-domiciles tax regime.

Government inheritance tax receipts totalled £7.2bn in 2023-24, equivalent to less than 1 per cent of total government revenue, according to the Institute for Fiscal Studies. The IFS forecasts these receipts will rise to £8.5bn by 2025-26 and exceed £14.5bn by 2030-31, driven by frozen thresholds, fiscal drag and the planned inclusion of pension pots in inheritance tax calculations. The Adam Smith Institute described calls for a wealth tax as "particularly misguided" given documented millionaire departures.