The number of millionaires in the UK reached 442,000 last year, the lowest level recorded since the 2008 financial crash. This decline is attributed to factors including a stagnant property market, rising cost of living, and a trend of wealthy individuals leaving the country.
According to James Hodgkinson, a research associate at the Adam Smith Institute, punitive taxes and extensive red tape have contributed to this exodus. The domestic tax burden in Britain is currently at its highest level since the Second World War.
The rate of business creation in the UK also reached its lowest point since 2017 last year. Polling from Adam Smith Insights indicates that over half of Britons believe the UK has become increasingly hostile to wealth and economic success.
Seven in ten people surveyed believe the wealthiest already pay their fair share of taxes, while only 20% think they pay too little. Nearly two-thirds of the population acknowledge that taxes on ordinary people would likely increase if a significant number of wealthy individuals left the country.