UK Millionaire Numbers Drop by 7% in 2025

The number of millionaires in the UK fell to 442,000 in 2025, the lowest level since 2008, according to the Millionaire Tracker from the Adam Smith Institute. This figure represents a 7% decrease from 2024. A millionaire is defined as an adult resident possessing at least one million pounds in net worth, including real estate, pensions, cash, and investments. After peaking at 1.07 million in 2021, the number of millionaires has declined due to several factors, including rising interest rates, which have reduced the value of retirement portfolios and luxury real estate. The low savings rate among British households also contributes to this trend. The Adam Smith Institute highlights the impact of the abolition of the non-dom regime, high taxation, and a culture that is unfavorable to wealth creators. It calls on the government to reform taxation, particularly by abolishing inheritance tax and reducing capital gains tax. However, the method used by the institute is contested, as it relies on estimates and lacks an up-to-date register of wealth. Other analyses, such as those from the Tax Justice Network, indicate that the 16,500 millionaires supposedly leaving the UK represent less than 1% of the total. A survey reveals that 80% of British millionaires support a wealth tax, highlighting an ongoing fiscal debate.

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