The number of millionaires in Britain has reportedly fallen to its lowest level since the 2008 financial crisis, with 442,000 millionaires listed as residents in 2025, a study by the Adam Smith Institute (ASI) claims.
This figure represents a seven per cent drop compared to the previous year. The ASI report suggests that high taxation levels and the removal of non-dom status in 2025 contributed to this decline. Falling real asset prices and a low household savings rate were also cited as factors.
Shadow Business Secretary Andrew Griffith MP responded to the report, stating that fewer millionaires could impact the tax pot and job creation. Prime Minister Andy Burnham has not ruled out a wealth tax or 'exit tax', which the ASI suggests is also contributing to an exodus of wealthy individuals.
Mitchell Palmer, an economist at the institute, called for cuts or abolition of inheritance tax and capital gains tax to make Britain more attractive to "ambitious people." A spokesperson for Prime Minister Burnham has declined to comment on future tax policy.