Key facts
- The number of millionaires in Britain has fallen to its lowest level since the 2008 financial crisis.
- There were 442,000 millionaires listed as residents in Britain in 2025, a 7% decrease from the previous year.
- The decline is attributed to high taxation, the removal of non-dom status, and falling real asset prices.
- The Adam Smith Institute published the report, attributing the decline to government policies.
- Concerns were raised about the impact of fewer millionaires on the tax base and job creation.
The number of millionaires residing in Britain has fallen to its lowest point since the 2008 financial crisis, according to a report by the Adam Smith Institute (ASI). The study found that there were 442,000 millionaires in Britain in 2025, a 7% decrease from the previous year. The ASI attributes this decline to a combination of factors, including high levels of taxation, the removal of non-dom status in 2025 under Sir Keir Starmer's premiership, and falling real asset prices. The report also noted that a low household savings rate has hampered wealth creation. Shadow Business Secretary Andrew Griffith MP expressed concern over the decrease, stating that fewer millionaires contribute less to the tax pot and job creation. The ASI, however, dismissed suggestions that Brexit was the cause, pointing to an increase in millionaires between 2015 and 2022. The think tank also highlighted Prime Minister Andy Burnham's refusal to rule out a wealth tax or 'exit tax' as a factor contributing to the exodus of wealth creators. Economist Mitchell Palmer of the ASI urged the government to reduce or abolish inheritance tax and capital gains tax to make Britain a more attractive destination for ambitious individuals. Burnham's administration has not commented on future tax policy.